cfc_19130405.pdf

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VOL. 96 APRIL 5 1913 NO. 2493 IPublished every Saturday morning by WILLIAM B. DANA COMPANY,

Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,Vice-Presidents; Arnold 0. Dana, Sec. Addresses of all. Office of the Company.

CLEARINGS-FOR MARCH, S'INCE JANUARY 1, AND FOR WEEK ENDING MARCH ,29

Clearings

New York YorkPhiladelphia Pittsburgh Baltimore Buffalo Washington Albany Rochester Scranton Syracuse Reading Wilmington Wilkes-Barre Wheeling Lancaster Trenton Harrisburg York Erie Binghamton Greensburg Chester Mtoona Franklin Frederick Beaver County, Pa...Norristown Montclair Total Middle

Boston Providence Hartford New Haven Springfield Portland Worcester Fall River New Bedford Holyoke Lowell Bangor Waterbury*

March. Three Months.

1913. 1912.Inc. orDec. 1913. , 1912.

Inc. orDec.

$7,886,185,910687,295,888237,448,517165,844,28245.973,68433,519,57223,759,83419,506,52912,269,24812,565,1717,936,3487,181,6826,614,664

10.298,8417,935,7897,762,5606.572,1193,958,6814,281,5772,814,8003,938,2182,771,0192,425.8831,283,4881,400,4282,084,4622,045,1571,591,596

$8,416,954,222682,044,141218.274,530147,636,61640,517,99033,228,48622,740,63518,712,949111581,70110,367,8937,234,1366,584,7616,083,3378,180,5118,168,4917,327,1765,241,0524,085,8893,727.5502,591,1002,330,8532,399.2841,946,926929,757

1,212,4031,923,1191,928,141

Not included"0:673,591,650

%-6.3+0.8+8.8+12.3+13.5+0.9+4.5+4.2+5.9+21.2+9.7+9.1+8.7+26.8-2.8+5,9+25.4-3.1+14.9+8.6+26.1+15.5t 24.6

38.115.5+8.4+6.1

in total

$25,019,571,4112,117,625,033723,781,767527,143,235146.981,02096,568,42782,918,11464,421,94038,498,83136,604,73622,812,00522,269,38820,371,29419,171.77221,307,23224.069,78419,476.04011,417,30812,005,5758,723.7008,360,1658,697,9886,894,7163,718,4474,271,2196,749,1255,871,2385,142,294

$24,565,184,1251,997,469,594834,637,626472,024,719135,545,32299,536,01275.372.64157,237,25836,492,02832,202,04020,724,55219,565,45118,824,16223,664,36217,629,64822,092,11316,055,27111,722,96411,715.7037,809,1007,440,9717,431,2206,004,5662,631,5083,545,1845,980,7795,504,735

Not included

+1.8+6.0+14.0+11.7+8.4-3.0+10.0+12.6+4.2+13.7+10.1+13.9+8.2+23.3+20.9+8.9+21.3-2.6+2.5+11.7+12.4+18.5+14.5+41.3+20.5+12.9+6.7

in total-7-1-2.7

-6.0+0.9+9.8+3.2

172-0-4,674251

691,674,17533,611,00020,175,66913450,460

784,462.58533,607,40020,174,96612,560,321

-4.9

+11.8+0.01+0.05+4.7

29,090,299,510

2,226,293,459109,294,90066,875,98639,708,223

28,3147403.654

2,369,125,615108,348,00060,174,40838,482,283

Total New England

Chicago Cincinnati Cleveland Detroit Milwaukee Indianapolis Columbus Toledo Peoria Grand Rapids Dayton Evansville Kalamazoo Springfield, Ill Fort Wayne Lexington Youngstown Rockford Bloomington Quincy Akron Canton -Decatur Springfield, Ohio- _South Bend Mansfield Danville Jackson Jacksonville, Ill Lansing Lima Owensboro Gary Flint Lorain Ann Arbor Adrian Total Middle West-

Details of Pacific andTotal Pacific Total Other West_ _

St. Louis New Orleans Louisville Houston Galveston Richmond Fort Worth Memphis Atlanta Pavannah Nashville Norfolk Birmingham Augusta Jacksonville Mobile Knoxville Little Rock Chattanooga Charleston Oklahoma Macon Beaumont Austin Wilmington, N. C......Vicksburg Columbia Columbus, Ga Jackson, Miss Meridian Tulsa Muskogee El Paso

Total Southern...,_Total all Outside New York-

, .8.815,19111,472,0165,034,5724,506,3712,695,4612,322.4501,915,6963,921,700

-8-06.91-2-X3

1,384,006,707109,147,35098.458,041101,371,24662,574.14831,354.18026,031.00023,079,49217,379,63113,829,8307,205,00010.300,0003,526,8115,546,8655,407.9865,000,0006.855.2234,917,6545,040,4074,682,5238,606,0006,868,8492,434,6952,738,3136,752,3762,138,4752,274,4052,331,4041,927,8462,079,1481,760,0002,202,5641,378,3451,936,450602,097980,650222.877

1,972,046,684Other Western

560,930,191679,285,130335,362,65774,670,06458,876,70541,670,72640,876,50034,720,53835,323,63734,553,17458.903,45919,126,57431,990,85116,464,12514,369,7159,012,43016,302,8595,679,4427.215,4649,461,68511,769,7757,205,6487,021,62014,895,1332,850,00012,664,1193,123,3471,233,0004,268,5552,011.8691,787,6281,800,0004,198,71)03,564,8847,065,616

-$811,459.77314,112,204,430132260T8-.020

,8,949,13310,721,0735,387,8444,310,6072,639,0642,399,3032,001,0983,056,600

-08,945,771

- .-1.5+7.0

+4.5+2.1-3.3-4.3+28.3

1,302,396,484115,107,85081,150,55483,850.47261,801,30134.445.89226,170,30021,584,23716,089,22215,223,7018,483,0659,699.6723,165,5766,108,3885,009.5945,856.5977,444,5854,647,1105,003,2993,694,7280,707,0005.135.2952,402,4372,672,0272,307,0221,907,0202,271,7922,171,3201,796,3771.897,0561,718,2571,969.199944.386

1,926,386557,281850,684146,363

1,854,3217529

on,P4r8.081,610,432,978327,383,35988.415.97662,548,890

38,945.50035,514,26224,146,06132.604,24759,068,08224,244.93623,108,67914,166,10611,441,4458,990,59414,458,7376,228,2548.863,6538,446,01010,392.3868,507,9316,287.83016,603,4812,680,34817,007.8953,391,2661,466,8064,116,1952,136.9991,775,8021,542,3422,636,9833,190,4245,790,888

-870;102,20714,456,844,153-6,039,889,931

+6.3-5.2+21.3+20.9+1.3-9.0-0.5+6.9+8.0-9.2-14.0+6.2+11.4-9.2+7.9

-14.6---7.9+5.8+0.7+26.7+28.3+33.7+1.3+2.5

+149.3+12.110.17.47.39.6

+2.4+11.8+46.0+0.5+8.1+16.3+52.3

+3.3+11.3+2.4

-15.5-6.9

+5.0---2.2+46.3+6.0---0.3-21.1+38.4+16.2+25.6+0.2+12.7---8.8-18.7+12.0+13.2-14.2+11.7-10.3+6.3

-25.5-7.9-15.9+3.7-5.8+0.7+16.7

I22.059.211.7

+1.4

,25,516,59634.660,28315,504,61013,522,8538,509,4606,758,0874,073,61711,963,700

-27887,261,597

4,036,672,593342,385,700308,167,693307,129,692193,093,230107.281.96980,266,20067,194,59448,529,60542,022.10928,553,62430,154,59510,137,37913,004,54115,413,72917,512,25920,785,72212,947,47410,828,13811,673,90925,014,00018,521,2837,036.6738,936,99218,987,1225,864,8346,182,3587,161,5784.833,6276,156.3955,604,4326,970,2243,974,8025,586,4171,525,2012,702.579604.631

5,841,418,083

1,636,564,7211,966,890,9621,051,375,829253,832,524196,589,930

1287,438,500106,308,214105,952,802110,396,319182,699,76362,056,41993,316,70351,081,07345,608,78927,914,09746,144,24118,667,96021,348,00028,601,86634,796,06824,951,22922,753,11946,890,4008,605,672

46,118,1979,764,0484,365,40614,778,3986,286,6115.916,1134,815,40312,289,05210.861,061 19,219,2432,805,853,784

43,928,164,365'18,908,592,954

„ 6.729,762,268 --14.331.710,128 +993

15,412,697 +0.612,738,417 4-6.18,101,045 +5.07,157,591 ---5.56,019,101 4-0.93,056,600

-2772073-64706

3,708,351,543 4-8.8336,219,400 4-1.8254,520,772 1-21.1251,951,111 4-21.9184,652,105 +4.6105,829.942 +1.477,071,200 +4.160,190,010 4-11.645,412,006 4-6.939.792,570 4-5.626,919,317 +6.129,004,764 4-4.09,348,827 +8.416,385,357 ---8.414,202,782 +8.515,713,651 -11.518,773,891 4-10.711,428,825 +13.310,910,602 --0.89,345,411 4-24.918,904,000 4-32.318,874,353 4-24.56,770.379 +3.97,368,367 +21.36.825,551 +178.25,644,176 4-3.95,977,012 4-3.46,343,809 t12.94,226,382 14.45,396,308 14.15,043,368 4-11.67,018,246 --0.72,949,476 +34.85,487,209 4-1.81,405,512 4-8.52,370,803 4-14.0 455,961 4-32.75,333,093,897 4-9.0

1,577,949,782 +3.71,793,350,667 +9.7979,590,882 +7,3289,325,112 --12.3194,522,640 +1.1

120,256,050 +88111,533,24081,884,703 +29.4110,779.127 --0.3189,364,225 ---3.578,179,352 -20.671,855,275 t34.045,740,814 11.737,100,634 22.930,664.010 -9.043,389,230 +6.419,641,273 ---5.025,119,984 ---15.027,084,100 4-6.631,486,030 4-10.526,351,104 ---5.320,424,902 +11.453,447.639 ---12.18,210,406 +4.844,815,297 4-2.910,274,6054,981,630 ---12.412,499,072 +18.26,762,024 -7.26,986,328 --15.35,089,889 5.48,157,283 +50.610,182,091 4-0.716,256,641 +18.2

-27121,956.02842,461,118,564 4-3.517,895,934,439 4-5.7

Week ending March 29.

1913. 1912.Inc. orDec. 1911. 1910.

1,603,672,759 1,997,028,884 -19.7 1,651,458,638 2 038,868,584154,303,379 142,360,701 +8.4 133,219,373 159,676,47257,393,144 51,713,103 +11.0 48,565,271 53,756,15033,879,000 31,209,775 +8.6 29,518,384 30,436,3589,674,648 9,235,054 +4.7 8,190,592 8,850,3567,616,294 7,459,490 +2.1 6,557,844 6,897,7284,639,033 5,300.285 -12.5 4,380,339 5,088,1603,413,797 4,026,471 -15.2 3,267,213 4,333,7272,594,072 2,583,462 +0.4 3,128,298 3,149,3902,451,577 1,984,216 +23.5 2,044,568 2.109,3682,036,790 1,858,513 +9.6 1,737,629 2,318,8661,638,726 1,441,892 +13.7 1,444,938 1,603,4841,466,341 1,360,281 +7.8 1,317,449 1,128,6622,106,940 1,712,141 +23.0 1,742,309 1,954,0842,067,700 2,800.121 -26.2 1,626,8671,630,580 1,485,589 +9.8 1,364,657 1,602,885

978,405 1,026,633 -4.7 1,130,446 1,693,776895,294 864,896 +3.5 812,843 917,665535,400 550,100 --2.7 459,100 463,400712,711 446,984 +59.5 658.871 568,373677,199 560,885 +20.8 613,266 651,358647,322 418,975 +30.6 403,719 428,895

368,499 Not included n totalI:801,898r11 2.267,428-4'61 7==rea 1,903,542,613 2,326,497,731

150,794,870 192,954,275 -21.9 169,765,938 190,750,5636,894,800 7,674,400 -10.2 6,742,100 8,083,9004,361,902 4,375,426 ---0.3 4,057,934 4,701,9322.713,510 2,536.896 +7.0 2,870,238 3,236,1922,555,172 2,894,269 -11.7 2,025,654 2,000,0001,676,689 1,879,351 -10.8 1,712,930 1,787,3062,621.185 2,752,881 -4.7 2,425.720 2,444,4021.116,672 1,246,242 -10.4 971,428 1,017,5321,056,978 1,007,748 +4.9 749,078 1,241,994626,128505,260

615,468551,122

+1.7---1.1

528,623496,048

628,439468,268

454,501

-176,377,667

443,175 +2.6 347,588

218,931,253 -49.9 192,693.323 n8,360,528

271,207,391 286,232,232 259,623,910 281,683,24717,230,550 .25,929,550 -33.6 24,192,700 25,900,00019,734,975 17,651,321 +11.8 17,025,287 19,832,32620,973,889 18,842,230 +11.3 14,976,220 16,467,50712,470,952 12,099,487 +3.1 11,339,985 12,046,6753,740,409 6,432,878 -41.8 8,314,482 7,977,5464,308,900 6,037,300 -28.6 5,047,000 6,135,9004,507,562 3,852,212 +17.0 3,614.878 4,117.0963,391,516 2,947,410 +15.1 2,940,250 2,660,7512,733,213 2,867,783 --4.7 2,399,138 2,481,124

1,871,070 1,714,027 2,018,4701,7757,133 1,892,039 -7.1 2,205,364 1,999,351718,182 702,727 +2.2 526,710 610,872

1,100,208 1,140,269 -3.5 1,056,149 1,018,619955,020 1,133,636 -15.7 978,384 1,003,487619,754 1,174,076 -47.3 747,875 599,845

1,175,075 1,426,515 -17.6 2,070,724 981,5061,094,545 1,217,983 -10.1 850,302 867,046.565,813 715,058 -20.9 681,486 689,572756,974 665,279 +13.7 627,810 649,908

1,430,000 1,574,000 ---9.2 539,400 817,8001,040,626 1,113,007 1,075,000 1,020,000357,435 371,952 -3.9 355,715 512,834353,068 471,139 -25.1 574,318 466,005

1.091,902 561,946 +94.3 515,206 509,552300,000 340,797 -12.0 330,834 413,144403,675 482,560 -16.4 478,618 865,179518,559 469,366 +10.5 374,994 410,000237.879 306,204 -22.3 304,817 285,548387,453 338,255 +14.5 365,748278,267 307,383 -9.4 309,836 473,017390,367 375,739 +3.9 357,552 510,000

177,461 180,363 -1.6 189,386 193,63338,838 26,387 +47.2 34,173 31,841

376,0477681 401,75071M 366,738,273 398,142,001

107,941,271 110,702,894 -2.5 101,210,138 106.657,626138,091.021 124.661,333 +10.8 121,857,396 141,481,23564,723,975 67,724,925 -4.4 66,412,131 69,022,00718,246,295 18,850,219 -3.2 16,729,480 18,556,9109,567,606 14,553,593 -34.3 12,758,875 12,542.1828.759,617 Not included In total8,422,000 9,516,500 -11.5 6,644,500 3,7/8,0007,079,533 8,568,297 -17.4 6,842,450 7,000,0007,799,088 5,642,015 +38.2 4,774,564 6,555,3957,398,450 6,616,478 +11.8 5,574,585 6,854,95712.121,791 12,018,504 +0.9 10,100,355 9,617.2973,955,637 5,544,275 -28.7 4,002,335 3,758,0316,747.605 4,438,230 +52.0 4,107,468 4,185,0863,682,478 3,118,583 +14.9 2,716,604 2,625,5343,104,457 2,385.576 +30.2 2,177,694 2,511,6641,972,359 2,346,184 -13.9 1,927,474 1,907,8073,541,932 3,122,000 +13.4 2,339,419 2,775,3641,200,000 1,267,997 -5.4 1,356,885 1,456,9401,522.351 2,043,364 -25.5 1,408,348 1,567,0481,773,696 1,574,192 +12.6 1,551,829 1,440,8742,214,173 2,179,994 +1.6 1,548,451 1,354,9791,578,261 2,048,362 -22.9 1,496,638 1,320,9411,433.843 1,330,298 +7.7 1.656,350 2,257,5523,092,301 3,396,574 -8.9 2,872,168 975,000

2,007,697 1,981,147 +1.3 2,623,409 1,010,196

249,627 264,787 -5.7 242,574476,928279,712

298,221 355,692 -16.0 307,318 350,000

869,774 604,090 +44.0 511,709710,991 667,292 +6.5 664,333

--1-7621-4T139 2,159:1-T8 -3.8 163,406,946 165,639,4782,867.569,800 3,305,633,232 -13.3 2,849,448,689 3,352,778.6911,263,897,011 r,308.604,348 -3.411,197,980.051 1,31-3,910,00

-2.4

BW"Clearings by Telegraph and Canadian Clearings onrequest of Houston Clearing-House Association.

Page 995. * Not included in total for month and three months; comparison incomplete. Omitted at

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

972 THE CHRONICLE • [VoL. xcvi.

THE DEATH OF MR. MORGAN.It is no exaggeration to say that in the death of

J. P. Morgan the country loses the greatest con-structive force it has had in its history—a massiveand masterful figure. Others have dwelt upon thetremendous power he acquired and wielded at thetime of his death. We prefer at the outset to layemphasis upon what he accomplished by theexercise of these vast powers, for a man's usefulnessto his age and the world must be measured by what hehas achieved for the world's good. Judged by thatstandard—and that is the standard by which futuregenerations will gauge his work—his place will alwaysbe a very exalted one. No one has ever done more forthe growth and development of the country. No sin-gle individual can be truthfully declared to havedone as much. This is saying a great deal, for his ac-tivities were carried on in an age and at a time whenthe world in general, and the United States in par-ticular, enjoyed greater industrial advance than atany other period of the human era—at least as faras the history of the race has been revealed to us.

His part in bringing about this expansion, as faras his own country is concerned, was easily of pre-eminent importance. The significance of this state-ment will not be grasped unless it is remembered thathe was contemporary to constructive geniuses of thefirst order, all of whom contributed their part tothe country's forward march. The United States hasbeen blessed during the last fifty years with almost un-told "captains of industry" and with "empire build-ers" of the very first rank, who by their efforts aided ina'prodigious way to promote the industrial advance ofthe country. Great railroad systems have been cre-ated in different sections by men of superb minds.Among all these constructive forces and agencies,Mr. Morgan by common consent stands foremost.That he was an incomparably great man is evident fromthe fact thatiall his contemporaries qualified to ex-press an opinion concede the fact—have yielded firstplace to him because he was so clearly entitled to it.He was in truth and in fact a colossus among colos-suses.In seeking the causes of such unique distinction,

certain basic elements in his make-up stand out withwonderful clearness. Mr. Morgan acquired con-siderable wealth, but the power and the influencehe wielded were not due to that circumstance. It washis character, his breadth of view, his unconquera-ble optimism, his undying faith in the limitlessresources and boundless future of the United States,his unquenchable spirit—it was all this thatgave him his commanding position over theenergies and activities of his fellow men. In addi-tion, he possessed the rare faculty of being able topick out with unerring accuracy the men best quali-fied for performing the difficult and trying tasks sonecessary in the execution of the numerous enter-prises and schemes and projects that his fertile brainwas all the time devising. In his recent testimonybefore the Pujo Money Trust Investigating Com-mittee, he stated a truth which was readily recog-nized, but which the investigators had failed to graspwhen seeking to establish a money trust, namely,that credit was personal and depended upon charac-ter. The fact is, that without character, and allthat it implies, the concentration of banking powerand financial power, except of a very limited kind,out of the question; but even if it were conceivable

that a reckless adventurer should come into the pos-session of vast banking powers, it would be quicklydemonstrated that he could not use them to advan-tage, and the vast potentialities supposed to be con-nected with the same would quickly vanish.When we speak of character, we employ the term

in its broadest sense. We do not mean merely themeeting of one's obligations. That is compulsoryunder the law. We have in mind the rigid adherenceto correct principles and the undeviating pursuit of acourse of action founded upon ethical standards ofrecognized merit. Mr. Morgan was direct inhis methods and straightforward in his dealings, andno man ever lost a dollar because of lack of scrupleon ,his part. As a banker, the display of these quali-ties early secured for him an assured position in thefinancial world, where he was able to put to fruitfuluse not only the resources at his own immediate com-mand but the resources of other huge banking andfinancial concerns. In the practice of banking heessayed only its highest functions. There are bank-ers and bankers. Each performs a useful function.He was not a banker of the pawnbroking variety,engaged in shaving notes and scheming to get the lastpenny possible out of a needy borrower. He didnot even engage in making loans to any considerableextent to mercantile borrowers, which is such aprime and important function of the banking worldgenerally. The vast means at his command were usedin one chief way, namely in promoting reproduc-tive enterprises—in calling into being vast undertak •ings for the promotion of the growth and develop-ment of the country and its varied and various in-dustries, in all their extended ramifications. Ina word, he was a financier rather than a banker, pro-viding the financial means without which progrrhas never been possible at any stage of the world bhistory.

It is in his capacity as a financier, aiding commerceand enterprise, that he stands unequaled, and proba-bly will never have a peer. It is in this capac-ity, too, that the community owes him most.And here, likewise, the marvelous success that at-tended his efforts is to be ascribed to his methods.In the greater part of his career his work was chieflywith the railroads, and no force has ever been moreintimately connected with the country's railway trans-portation system. It was the constructive periodin the country's development, and Mr. Morgan ofcourse recognized that adequate railroad facilities—adequate means of communication with the nearersections of the country and means of communicationof any kind with the remoter sections, many of whichhad not yet been trodden by the foot of man—wereindispensable to the country's advance. Many newroads had been built, but, through lack of funds, orlack of traffic, had fallen into insolvency. It be-came necessary to reorganize such properties, putthem firmly on their feet and place at their com-mand the money for their proper extension and devel-opment. The task of undertaking these reorganiza-tions devolved upon Mr. Morgan and his firm, andhow well this task was performed the position of theseproperties to-day and of the railroads generally,in face of Government regulations and restrictionsof the most crippling character, amply testifies.As a reorganizer of bankrupt railroads, the posi-

tion of Mr. Morgan and his firm was absolutelyunique. In those days home capital was wholly in-adequate to our needs. The country was in its forma-


APR. 5 19131 THE CHRONICLE 973

tive period, and had as yet accumulated little wealth.

It was, therefore, dependent chiefly upon foreign

capital. And here Mr. Morgan's services were of in-

estimable advantage. His character, his straight-

forward methods, his high business ideals, coupled

with the record made by his father's firm in London,

opened to him limitless supplies of foreign capital

and foreign wealth, and upon these he drew with

unbounded freedom, knowing the possibilities for

its profitable employment here.Here, also, it remained for him to inculcate new

principles and set up new standards. When Mr.Morgan first embarked in business on his own ac-count, railroads in the United States, with compara-

tively few exceptions, were in a very discredited

state. They were looked upon with disfavor, not

merely because so many of them had proved fail-

ures, but still more because of the objectionable

methods pursued in their management and control.

Their shares were speculative footballs, and they were

the prey of financial adventurers who used the

Stock Exchange and the printing presses (with the

easy facilities the latter afforded for the issue of

stock and bonds without consideration) in aid of theirnefarious schemes. It was the day of Jim Fisk, ofDaniel Drew and of Jay Gould. Men sought controlof railroad properties for the purpose of exploitingthem for personal ends. Mr. Morgan changed allthis. He inaugurated a new era in railroad methodsand in railroad management. He developed the roads,not for personal profit, but that they might serve thepublic and yield successful results to their stock and

bondholders.He abolished intrigue and did away with secrecy

in railroad affairs. Previously it had been the policy

of those who held control of railroad properties to re-

gard them as private preserves. Information re-

garding their finances, their revenues and their traf-

fic was given out only niggardly. The public wastreated as having no concern whatever in such infor-mation. As for the security-holders, they had tobe satisfied with what those in control were willing

to dole out to them if it suited their whim or their

purpose to divulge anything at all. And this rule of

action was practiced even as regarding some railroadproperties of the highest type. One important com-pany until a quite modern date had not even deemed

it necessary to incorporate a balance-sheet in its

annual report. Such methods did not appeal to

Mr. Morgan. He saw that they were not calculated

to win support either from the public or from invest-

ors, and yet that the favor of both was necessary to

insure success. Concealment was entirely foreign

to his nature. Those who contributed their moneyon behalf of these undertakings were entitled toknow how this money was being employed andwhether and to what extent it was yielding profita-

ble results.It was never Mr. Morgan's view that directors and

others could claim the exclusive right to inside knowl-edge. The moment he obtained complete dominationover a railroad, the event was signalized not only bythe furnishing of complete annual statements re-garding the company's affairs, but also by renderingregular periodic returns of earnings and expenses—invariably of monthly statements of earnings andexpenses, and usually also of weekly returns of grossearnings. Thus, it was made possible for every in-vestor, and the public as well, to know how the courseof income was running, thereby placing the security-

holders and outsiders upon the same plane of vantageas the insider. At the present time, when every steamroad is perforce obliged to render monthly returns,there may seem nothing remarkable in such a course,but Mr. Morgan was the pioneer in the work. Thesignificance of the event, and of his action, will per-haps be realized when we say that when the law ofthis State requiring the publication of quarterlyreports of earnings was under consideration by theLegislature at Albany, delegations of railroad men

actually appeared in opposition to the measure.To Mr. Morgan also must be given credit for im-

portant reforms in railroad accounting. A conspicu-ous instance of this was furnished at the time of thefirst attempt at the rehabilitation of the Baltimore &Ohio RR. The Morgan firm was then in only tem-porary control of the property, but tided over itsmore immediate needs. Mr. Morgan placed SamuelSpencer, an experienced railroad man, in charge ofthe property. A reconstruction of the company'saccounting system and bookkeeping methods was oneof the first fruits of the new management. Mr.

Spencer, as President, completely revised the ac-counts and also had the various classes of assetsre-valued. Under the domination of John W. Gar-

rett, to whose daring genius the road owed its exist-

ence, a huge surplus, aggregating over 48 mil-

lion dollars, had been accumulated on the books, and

it was supposed that this surplus would safeguard the

property against financial troubles. The company

became financially embarrassed nevertheless. Mr

Spencer, acting for Drexel, Morgan & Co., showed

that this surplus was not an available fund, that it

simply represented credits of earnings to profit andloss, and that though the credits undoubtedly com-prised real earnings, it was now necessary to considerwhat disposition had been made of the same; accord-ingly, twenty-five million dollars of the surplus was

marked off as having no longer any tangible existence.

This happened in 1887-88, a quarter of a century ago,

and we have remarked on a previous occasion that

reform in railroad accounts in the United States may

be said to date from that time Later, the task of reha-bilitating the lines now composing the Southern Rail-

way system was also delegated to Mr. Spencer, and

with like success. In order to undertake the work, Mr.Spencer then retired from membership in the Morganfirm, to which he had in the meantime been admitted.Mr. Morgan's efforts were ever on the constructive

side. He sought to give new vigor, new strength—to rehabilitate, to rejuvenate. If a railroad, an in-dustrial enterprise, or even the Government itself,got into peril, he came to the rescue, and providedmeans for the restoration of the normal functionsand to lay the foundations deep and wide for a new andenduring existence which would redound to the ad-vantage of all. In 1895, when the United States wason the verge of the suspension of gold payments, hetook a leading part in the celebrated Morgan-Bel-mont contract for the protection of the gold reserve.

The floating of $62,300,000 of United States bonds on

that occasion was the least of the task. In addi-tion, the syndicate contracted to prevent furtherexports of gold through regulation and control offoreign exchanges, and it faithfully fulfilled this partof the agreement. In 1896, with the nomination ofWilliam J. Bryan for President on a free silver platform, the situation again became critical and Mr.Morgan once more intervened to prevent a disturbinggold outflow. The gold reserve was never in danger


974 THE CHRONICLE [VOL. xcvi.thereafter. At an earlier date the Morgan housewas an active factor in refunding the old high-ratebonds of the United States into bonds bearinglower rates of interest. The inestimable ser-vices rendered by him at the time of the panic of1907, when he intervened so effectively to preventgeneral ruin, are still within memory and need no

tt detailed mention here.To attempt to state the railroad reorganizations

in which the Morgan house took part during Mr.Morgan's life, or the railroads to which succor wasextended at one time or another, would be to re-hearse the greater part of the railroad history ofthe last generation. Such an enumeration wouldinclude most of the railroads east of the MississippiRiver. Such names as the Reading, the Erie, theChesapeake & Ohio and (in the West) the NorthernPacific come readily to mind. But of all the stupen-dous tasks of this kind carried through, that of theRichmond & West Point Terminal Co., comprisingthe lines of the Richmond & Danville system and theEast Tennessee Virginia & Georgia, undoubtedlystands first. These are the properties that werewelded together and constitute the present SouthernRailway system. So complicated was the problemin this case, so supremely difficult and so apparentlyhopeless, that two previous attempts to rehabilitatethe lines by others had resulted in failure. The 'methodspursued by Mr. Morgan in the resurrection of theselines illustrate the scrupulous regard he always showedin seeing that every equity in a property receivedjust the treatment to which it was entitled. Therewere scores of securities involved in this reorganiza-tion, each with different liens. The exact merit ofeach was worked out with absolute precision, andwhen the reorganization scheme was presented, everybond and stockholder could feel certain that thescheme was absolutely fair and just in its treatmentof his own particular security. To what a plane ofprosperity the Southern Railway, created out of thedilapidated and discredited lines already referred to,has been brought, how it has been developed intothe strong and powerful system of to-day, and howit has aided in stimulating the growth and progress ofthe whole Southland, are facts within the ken ofeveryone.Mr. Morgan's connection with the railroads was

not by any means confined to insolvent properties.Back in 1879-80 he found for the Vanderbilts a marketfor $25,000,000 of New York Central & HudsonRiver RR. stock (a large part of which was placedabroad), and made a handsome profit for him-self on the operation. He was ever on the alertto prevent injury to the railroads, especiallyduring the time when railroad control was stillwidely distributed and many free lances re-mained among the roads with great capacity forinflicting harm upon the general body of roads. In1902 he bought control of the Louisville & Nash-ville RR., so as to prevent its being used to promotespeculative ends in the stock market and producegeneral demoralization, and turned it over to theAtlantic Coast Line system, where it remains at thepresent day. He was undoubtedly -a prominent fac-tor in restoring sane business methods in the anthra-cite coal world. For many years prices of anthracitehad been most recklessly cut, and the coal thrownupon the market at a sacrifice. The financial neces-sities of the different carriers were the main cause ofthis. Mr. Morgan's firm reorganized the Reading

and helped out some of the other anthracite compan-ies. Control of the Central of New Jersey was ac-quired and the property made part of the ReadingCompany, since it constituted a link in Reading'sBound Brook route between Philadelphia and NewYork. We have mentioned only a few of the moststriking instances of Mr. Morgan's railroad achieve-ments, so as to furnish a rough idea of the compre-hensive nature of his work in that respect. The dailypapers have gone more at length into the details, andyet have only half covered the ground.In his efforts to build up and to conserve, Mr. Mor-

gan devoted a large portion of the earlier years of hislife to the prevention of destructive rivalry among therailroads. Perhaps the most notable achievementof that kind was his action in 1884 in acquiring con-trol of the West Shore RR. for the New York Cen-tral. The West Shore line parallels the Central allthe way from New York to Buffalo, being, as a mat-ter of fact, for most of the way much like an extratrack for the Central. A bitter warfare occurred asthe result of the construction of this line. Mr. Mor-gan saw that these two roads could not permanentlyexist as separate properties, and must be combinedunder common control. Accordingly he acquiredpossession of the West Shore for the Central andended a conflict that had threatened to involve theCentral in ruin and had already bankrupted theWest Shore.Mr. Morgan's unique faculties for composing differ-

ences among the railroads had to be employed onmany occasions. He probably rendered no morenotable services than on these occasions. It wascommon in those days to indulge in rate-cutting ofthe most reckless sort, and to engage in wars of rateson the slightest pretext, and, indeed, often withoutany pretext at all. Over and over again Mr. Morganwas obliged to step in and put an end to such de-structive warfare. No one else had either sufficientinfluence or sufficient resolution and courage forthe purpose. When everything else failed to bringthe warring factions together, his interventionproved successful. The meetings of the railroad offi-cials at the office of the Trunk Line Commissioner,Albert Fink, used to be stormy affairs. Mr. Mor-gan would attend and in emphatic language lecturethe railroad presidents as to their duties and inducethem to turn over a new leaf. His serviceswere also often called into requisition for similarwork on the Western roads. "Gentlemen's agree-ments" without number were made both amongWestern roads and among the Trunk Lines long afterthe enactment of the Inter-State Commerce Law in1887. None of these proved lasting, but were gen-erally efficacious for the time being, and such vitalityas they possessed came entirely from Mr. Morgan'sconnection therewith.In the later years of his life, Mr. Morgan's activi-

ties were directed into still another channel. A newera had developed in the country's commercial life.—an era involving the incorporation of industrialenterprises on a huge scale. Mr. Morgan's effortswere now directed towards financing these, and heimmediately became as dominant a factor here as hehad been in the railroad field. His organization ofthe United States Steel Corporation ranks perhapsas the greatest achievement of his life. A billiondollar concern, it is the largest single corporation evercalled into being. But it is to be noted that in estab-lishing this gigantic organization Mr. Morgan. was


APR. 5 1913.] THE CHRONICLE 975

not aiming at size. The Steel Corporation was the

result of the same constructive endeavors as those

in which he had been engaged all his life, namely he

was imbued with a desire to prevent destruction.

His firm had been prominent in organizing the Federal

Steel Corporation and some other steel undertakings,

and now it seemed as if a bitter warfare with the Car-

negie Steel Company and other steel makers was to

be precipitated which might involve all in ruin. Mr.

Morgan was anxious to avert such a catastrophe, andtherefore arranged to bring the leading concernstogether, so that a common plan for their generaldevelopment could be pursued. This purpose hasbeen faithfully adhered to since the Steel Corpora-tion came into existence. The plants of the sepa-rate companies have never been dismantled, but allhave been improved and their facilities of productioncheapened and extended. New plants have beenadded to further strengthen the position of the unitedproperties. The work of the independent propertiesoutside the Steel Corporation has not been interferedwith. The Steel Corporation has not sought to estab-lish a monopoly or even to enlarge its share of thetotal production. Mr. Morgan would never havetolerated attempts to crush rivals. On the otherhand, the Steel Corporation has by its own wiseaction sought to prevent such violent fluctuations iniron and steel prices as used to mark the course of theiron and steel trade. On such a firm foundationhas the Steel Corporation been placed as a result ofthe farsighted policy pursued in the administrationof its affairs that it has been able to pay dividends on

common and preferred shares alike even in periods ofgreat depression. Mr. Morgan lived long enoughto see his efforts, his constructive efforts, along theselines crowned with success. If for no other reasonthan for his constructive work, his fame will increaseu the years roll on.

THE FINANCIAL SITUATION.There is occasion for very plain speaking with

reference to the causes of J. P. Morgan's death.There can not be a shadow of doubt that the PujoMoney Trust Committee and its counsel are directlyresponsible for the sad event—responsible for re-moving forever from his sphere of usefulness on earththe individual who more than any other man of his

time contributed to the industrial advance of theUnited States. The conclusion is an obvious de-duction from the plain facts of the case. Three ofthe world's celebrated physicians, in officially signedstatements, declare that Mr. Morgan had no organictroubles whatever, but that his nervous vitality was•completely shattered, that all his energy was gone,and that, as a consequence, he had no powers of re-cuperation and that his life therefore ebbed away.How is this sudden, complete collapse to be ex-

plained? Mr. Morgan had not been seriously ill at.any time before he was notified that he would be ex-pected to appear before the Committee. Up to thattime he was a perfectly well man. His evidence wasgiven in December—Dec. 19 and 20. Less thanthree weeks afterwards, when he started on his tripto the Mediterranean, he was no longer a well man.This is now admitted, though the fact was keptquiet at the time. When he arrived in Egypt he.suffered an attack of indigestion, undoubtedly be-cause the loss of his nervous strength had impairedThe digestive functions. He rallied under skilfulmedical treatment, but his vital powers had been

sapped and the inevitable end was only a short timedelayed. The Money Trust investigators—quite with-out design, of course—had dealt him his death blow.Let any man of middle age imagine himself in Mr.

Morgan's place and conceive if in his own personalcase the result under similar circumstances would notalso have been disastrous. Mr. Morgan was in thewitness chair part of one day and the whole of an-other day. Other witnesses had been previouslyexamined and had not fared well at the hands of theCommittee's counsel. Their testimony, it was known,was intended to furnish a basis for more effectuallygrilling Mr. Morgan, who was looked upon as thehead and front of the alleged Money Trust and as theindividual responsible for its existence and the prac-tices charged against it. Mr. Morgan had been madenervous by the prospect of what was coming and wasaccompanied to Washington by members of his fam-ily and by some of his partners. After he appeared inthe witness room he was kept waiting, and while lis-tening to the examination of other witnesses hadocular demonstration of what he might expect inhis own case. He nerved himself, however, for theoccasion. When he was finally allowed to take thewitness chair, question after question was hurledat him with reference to every conceivable transac-tion in which he or his firm had been engaged or withwhich it might in any way have been connected, di-rectly or indirectly.Mr. Morgan had a character to maintain, a reputa-

tion to sustain. A clever counsellor, with preconceivednotions of what the investigation ought to disclose,was seeking admissions that would support these no-tions. Mr. Morgan had to be constantly on hisguard lest some inadvertent statement on his partmight be twisted out of shape and made to do dutyon behalf of the investigators, or possibly be given asignificance which it did not possess and be made toreflect discredit upon him or his house. Mr. Mor-gan's great mental powers served him well and histremendous will did the rest. More than any otherwitness who appeared on the stand, he succeeded inconfuting the investigators and their theories. But,as subsequent events have proved, the tax on hisphysical powers was too great.The ordeal was such that even a man forty years

younger might have succumbed to the strain. Toa man close to seventy-six years of age, as was Mr.Morgan, the strain was bound to prove fatal, no mat-ter how splendidly his system might behave for thetime being, under his supremely powerful will. Ina statement given out the present week, the Com-mittee has sought to break the force of the damagingfacts we have here recited, by pointing out that atone stage of the examination the Committee offeredto take a recess to give Mr. Morgan time for relaxa-tion, but that he elected to go right on. This provesnothing except that it shows that Mr. Morgan wasanxious to be done with the whole business and evi-dently wanted to avoid being obliged to appearagain for further examination on still another day.The relentless way in which the work of the Com-mittee was carried on was well illustrated in the caseof William Rockefeller, who, though an indubita-bly ill man, had to submit to being followed into hissick retreat in Florida,where the cross-examiner be-gan to ply his trade only to find, after twelve min-utes, that he must desist lest the witness should diein the very presence of the representatives of thCommittee.

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976 THE CHRONICLE [VoL. xem

We hope that the lesson which such examinationsand investigations teach will be duly learnt, and thatthe legislative zeal for victims will abate. Thecountry has not yet reached a stage where it canafford to see valuable lives like that of J. P. Morgansacrificed to political exigencies.

After listening with his ears to the protests of the44 railroads on Saturday last, Gov. Sulzer carried outwhat was evidently a foregone conclusion with himby signing the so-called "Full Crew" bill on Monday.This bill prescribes a minimum number of brakemen,and the roads reply that in some cases more men thanthis requires are already employed and on other trainsthere is nothing whatever for the extra men to do.They say that arbitrarily increasing the crew makesneither for safety nor for efficiency, and this seemssound when we remember that in this day of auto-matic brakes the brakeman does not "brake up" ashe once did, but control is by the engineer; as tofreight trains, air-brakes and automatic couplershave lessened the work for trainmen and added totheir safety. In seeking to base his approval onthe paramount ground of the public safety, Gov.Sulzer makes a futile attempt to excuse an actionwhich is condemned by plainly needing excuse.The roads say, unanswerably, that the require-

ment means a diversion of two millions a year inthis State and a half-million in New Jersey, whoseExecutive approved a similar bill on Tuesday. Thisis a diversion of so much from improvement of signals,elimination of grades crossings and other changeswhich directly increase the public safety. They re-fer to the devastation of railway property by thefloods, and when they declare this outlay to be justso much taken from imperative needs and thrown towaste, reasonable men ought to believe them. Acci-dents are so expensive that carriers need no other in-centive to precaution.A further and serious objection is that the matter

already lies within the jurisdiction and duty of thePublic Service Commission, now several years old,in this State. If the Commission has power to makesuch an order, says the Governor, it has not exer-cised it. There is no "if"; the power conferred bythe law of 1907 could not be made more absolute bywords, for failure to comply "with any order" ispunishable by a $5,000 fine for each day. If thepower exists, says the Governor, it should have beenexercised. But the purpose of establishing the Com-mission was to give it full discretion and turn allsupervisory control over to it, and "crew" bills havebeen vetoed by Gov. Hughes and Gov. Dix (as wellas in two other States) expressly for that reason.Gov. Hughes was particularly clear about it whenvetoing a two-cent fare bill. After putting the rail-roads absolutely under control of a special body, tointerfere with such body and impose further burdenon the roads by enacting single requirements sub-sequently is against reason. If general control by aCommission is to stand, special control subsequentlyis preposterous.The genesis of this bill is as bad as its nature.

One journal asstimed it to be one of several conceivedexpressly to embarrass Gov. Sulzer, but it is probablya labor union device to force employment of moremen. The conductors are said to have sent a letterof objection, through their representative, but theGovernor is openly accused of having given secretpledges to the trainmen of support of such a bill as

a bid for their support at the polls. Clearly, thisis class legislation of a most obnoxious and dangeroustype, and we dwell upon the subject more at lengthin a subsequent article. A body of engineers at ameeting on Sunday last passed a resolution demand-ing that no contract for operation of new subways bemade without including an eight-hour day for allemployees "and the recognition of their organizationas the proper authority to regulate hours, wages andworking conditions."So far the appeal of the roads to public opinion by

newspaper advertisements has been fruitless; readerscontinue didr apathetic view that it all concerns theroads and is no affair of theirs. Notwithstanding,we think the roads will have to keep at it; there mustcome an awakening somehow.

It is difficult to reconcile the sustained advancethat has taken place in the market for securities thisweek with fears that had previously been expressedregarding the probable influence of the passing awayof so important a financial figure as Mr. Morgan.This difficulty becomes even more notable when thefirmness in security values is viewed in connectionwith the heavy losses accruing in a large section of theMiddle West from disastrous floods and from the in-terruption in business activities that must necessarilyfollow such losses and disorganization in the sectionsaffected. The advance in the market seems to bepredicated upon optimistic expectations of an earlyannouncement of the formal termination of the warin Southeastern Europe and of a less radical revisionof the tariff by Congress than had been feared. Inaddition there has been great relief at the absenceof financial disturbances as a result of financing thequarter-end settlements in Germany. But the fail-ure of such an important event as the death of Mr.Morgan to exercise an appreciable influence in re-straining the advance in share properties must, wethink, be ascribed to two main reasons, which areconnected with the management of the banking firmitself. First is the open and frank way in which thenews of Mr. Morgan's real condition was permittedto become generally known. ' When it became evi-dent that the illness was of a really serious charac-ter, no attempt was made to becloud the fact. Dis-patches cabled from Rome on Sunday told the fulltruth, and there was no ground for unexpected shockwhen the announcement of the sad event reached themarkets of the world shortly after nine o'clock, NewYork time, on Monday morning. The second rea-son for the absence of important depression when thefinal news was announced is the general confidencein the business ability of Mr. Morgan's firm. Thiswas responsible for the world-wide belief that everynecessary precaution had been taken to provide forthe contingency of Mr. Morgan's death. This con-fidence was increased by the official announcementthat was promptly made, that the event would notmean any changes in the personnel or the policy ofthe great banking house.

The February 1913 immigration bulletin indicatesa turn in the tide of the alien movement to and fromthis country, for, whereas in January there was anet efflux of the foreign born of 1800, the result forthe latest month was a net inflow greater than ineither 1912 or 1911 and not very materially less thanin 1910. Furthermore, unofficial figures we havecompiled for March indicate a larger inward move-

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APR. 5 1933 j THE CHRONICLE 977

ment in that month than was witnessed last year orthe year before, and no more than normal departures.The outlook, therefore, is for an adequate supply ofthe class of labor this immigration supplies. Thereis nothing in this latest official bulletin calling forspecial reference except that the departures of GreeksBulgarians, Montenegrins and Servians continuedin excess of the arrivals, but only moderately so,the need for further help in the war with Turkeyhaving apparently passed. The movement of Ital-ians showed a complete turnabout the net outflowof 2,500 in January having been changed into an in-flow of 8,442. Altogether, the number of aliens whoentered at the various ports of the country in Feb-ruary this year was 71,355 (made up of 59,156immigrants and 12,199 non-immigrants), againstwhich there were departures of 30,119, leaving a netinflux of 41,236. This compares with a gain ofonly 25,587 in 1912 and 24,463 in 1911. For theeight months of the fiscal year 1912-13 (July 1 toFeb. 28) the arrivals were greater than in the similarperiod of any year since 1906-07, having aggregated767,568, against 538,314 in 1911-12 and 624,479 in1910-11. Departures were less than a year ago,and consequently the net immigration for the periodwas 352,662, against only 109,548 in 1911-12 and291,683 in 1910-11.

Bank clearings for March 1913, reflecting thedulness of speculation at leading centres and the

' check to business activity in important sections ofthe country toward the close of the month, conse-quent upon floods and cyclonic storms, do not makeas favorable a comparison with 1912 as duringprevious months. The exhibit, however, is far frombeing an unsatisfactory one, as, notwithstandingthe adverse developments, the aggregate for all thecities reporting falls but little below the total forthe corresponding period a year ago, while with NewYork excluded, there is a very fair gain. Further-more, for the first quarter of the year all but 31of the 152 cities included in our compilation on thefirst page of this issue record gains over the sameinterval of 1912 with an augmentation in the grandtotal of 3.5%. The effect of the wide and disastrousfloods of last week in Ohio and Indiana is clearlyapparent in the result for cities in the Middle Westernsection for the month, but the quarter's aggregatesare nevertheless, in almost all cases well above ayear ago. A main cause for the drop in clearingsin March at the financial centres, it will be readilyinferred, has been the decided lack of activity instock speculation. It in fullest measure accountsfor the decline at New York and presumably so atBoston, but notwithstanding smaller stock dealings,Philadelphia and Chicago show increases.

Total clearings for March this year, at the 152cities are $14,112,204,430; this compares with$14,456,844,153 in 1912, and, therefore, exhibits aloss of 2.4%, but contrasted with 1911 there is a gainof 4.8%. For the first quarter of 1913 the increaseover 1912, as remarked above, is 3.5% and comparedwith 1911 the gain reaches 9.2%. At New York,there is a decrease from a year ago of 6.3% for themonth and an increase of 1.8 for the three months,and gains of 3.5% and 6.7% respectively over 1911.Moreover, this year's result for the first quarter wasonly exceeded (and then not very materially) in1910, 1907 and 1906, when notable activity prevailedn the Stock Exchange. Outside of this city the

1913 figures for both periods set new records, theaugumentation over 1912 being 3.1% and 5.7%,respectively. As regards the individual cities, lossesfor the month, where shown, have been as a rule small,the most conspicuous in matter of percentage havingbeen Salt Lake City, Tacoma and Savannah.Stock transactions on the New York Stock Ex-

change were of only slightly greater volume in Marchthan in February, less than half the total of the corre-sponding month of the previous year and much belowthe period in mostiearlier years since 1900. Thedealings reached only 7,229,732 shares against 14,-552,052 shares in the month a year ago and no lessthan 32,208,525 shares in 1907. For the threemonths]the:total sales, at 22,742,337 shares, contrastwith 32,544,734 shares a year ago, over 5532 millionshares in 1910 and the first quarter record of 79,680,-032 shares in 1906. Inactivity in trading extendedto bonds also, the extent of the dealings in all classes(Government, State and foreign) having been but403/ million dollars par value for the month, against70 millions last year, and for the three months thesales were only 143 millions against 2353/2 millionsa year ago and 3333/rmillions in 1909. On theBoston Stock Exchange, likewise, marked dulnessis to be noted during the month, and for the firstquarter of 1913 operations covered only 1,629,378shares, against 3,136,596 shares a year ago. AtPhiladelphia the three months' transactions aggre-gated 1,418,076 shares and 1,637,622 shares, respec-tively, in the two years.The occurrence of the Easter holidays in the month

this year served to hold down the totals of clearingsat Canadian cities for March, but the month'saggregate for 20 cities, nevertheless, made a new highmark for the period, exceeding 1912 by 2.6%. Forthe three months the gain reaches 9.8%. Large per-centages of increase are to be noted at Regina,Moose Jaw, Fort William, Hamilton, Victoria andQuebec.

Turkey on Tuesday, April 1, unreservedly andirrevocably accepted the terms of peace proposed bythe European Powers. These terms, as offered bythe Powers, are as follows:

I. The frontier of the Ottoman Empire in Europe shallstart at Enos, and, following the course of the MaritzaRiver, and then that of the Ergene, shall end at Midia.All territories situated to the west of this line shall be cededby Turkey to the allied States with the exception of Albania,the delimitation of which shall be fixed by the Powers.

II. The question of the Aegean Islands shall be settledby the Powers.

III. Turkey shall abandon all claim to Crete.IV. The Powers cannot favorably entertain the demand

for indemnity, but they will admit the Allies to participatein the discussions of the International Commission in Parisfor an equitable settlement of their participation in theOttoman debt and in the financial charges of the districtsto be handed over to them. Turkey is to be asked to takepart in the labors of this Commission.The great Powers declare at the same time that as soon as

these bases are accepted hostilities shall cease.

On March 28 Bulgaria accepted the offer of media-tion. But it persisted in a demand for a war indem-nity and declined to agree to the suggested frontier,proposing as a substitute a frontier line from Midiaon the Black Sea to the Gulf of Saros at the top ofthe peninsula of Gallipoli. The European ambassa-dors in London have since been considering the situ-tion but have not yet reached any conclusion. Acomplication has arisen in the peace situation as a


978 THE CHRONICLE [VOL. xcvr.

4

result of the refusal of Montenegro to accede to thewishes of the Powers to cease hostilities at Scutariand in the territory allotted by the Powers to Albania.Montenegro answered the note of the Powers whichrequested the withdrawal of civilians from Scutariby stating that army headquarters had refused formilitary reasons to permit the transmission to thecommandant of the beleagured town of a cipherdispatch from his Government. The MontenegrinGovernment, however, offered to submit to head-quarters a request for the transmission of a messagein plain language. Following the refusal of the littlekingdom to grant the requests of the Powers, thelatter decided on a naval blockade or demonstrationon the Montenegrin coast. This demonstrationwas coincident with the first real success of Monte-negro from a military standpoint, which consistedof getting a foothold at Tarabosch, the key toScutari. Should the naval demonstration prove in-effective, it is understood that the Montenegrinports of Antivari and Dulcigno will be occupied.That the refusal of Montenegro is a part of thegeneral policy of the Allies to defy European domina-tion is suggested by a note from Servia to the BritishMinister stating that it was impossible to withdrawServian troops from Scutari, as Servia is bound toMontenegro until peace has been signed, and thatany drawing back at the present time would be thedeath-knell of the Balkan Alliance. Servia, too, isreported to be preparing for the permanent occupa-tion of Durazzo. This action would be directlyagainst the announced wishes of the Powers. Apartial agreement is reported as having been arrangedbetween Bulgaria and Roumania whereby the latteris to get possession of Silistria. A Paris paperannounces that the Provisional Government of Al-bania has proclaimed the Duke of Montpensier asKing. The Duke is the only brother of the Dukeof Orleans, head of the Royalist Party in France. AVienna dispatch to the "London Daily Telegraph"quotes a report that King Nicholas of Montenegro isabout to abdicate in favor of Crown Prince Danilo.

Secretary Bryan has notified the DiplomaticCorpsat Washington of the intention of the United StatesGovernment to recognize China on April 8 after aPresident of that Republic shall have been electedby the Constitutional Assembly. It is the expec-tation that the Assembly will choose Yuan Shi-Kaias the Constitutional President. Secretary Bryanhas proposed that all other governments simultane-ously recognize the new republic on the same day.The form which the recognition of China will takehas not been disclosed, but it is understood that itwill be through a proclamation by President Wilson,countersigned by Mr. Bryan as Secretary of State,and that the issue of this proclamation will be fol-lowed by a congratulatory message by PresidentWilson to President Yuan Shi-Kai.The entire membership of both houses of the first

Chinese Assembly under republican governmenthas already been elected, and the first meeting willbe held on April 8 at Peking. There are about 800members in the Lower House and 300 in the UpperChamber. The London "Times" has printed a letterwhich it says was received from a London businesshouse by its Peking correspondent in which it isstated that the Standard Oil Co. has offered Chinaa loan of $35,000,000 gold in return for the sole rightto the exploitation of petroleum in China for a term

of years. Another loan is available for China. Itwas described to President Wilson by J. P. Sears,representing H. B. Hollins & Co., as head of asyndicate of American financiers who are, he said,prepared to furnish $10,000,000 as a short-term loan,and later to negotiate a long-term one running ashigh as $100,000,000. Mr. Sears told PresidentWilson that all his firm sought was a free hand andthat the members of the syndicate were in entireaccord with the Administration's policy of the non-endorsement of such a loan. Cable dispatches fromParis announce that a Chinese bank, bearing thetitle Banque Industrielle de Chine, is soon to beestablished there by a group of French, Belgian andGerman capitalists who have obtained from theGovernment of the Chinese Republic a concessionto undertake all kinds of banking business in China aswell as to finance and operate certain industrialenterprises. The Chinese Government has agreedto subscribe one-third of the capital, which will be45,000,000 francs, divided into 87,000 ordinary sharesand 3,000 founders' shares of 500 francs each. Thebank will have the right to issue bank notes, whichwill be legal tender in certain provinces to be fixedby the Chinese Government, or even throughout theentire territory of the Chinese Republic until suchtime as the Government promulgates a law regulatingthe issue of bank notes.

Affairs in Mexico are still far from pacific. Pressaccounts state that General Huerta, ProvisionalPresident, has agreed to the naming of Pedro Las-curain as Provisional President to serve out the un-completed term of the late President Madero. AgMinister of Exterior Relations in Madero's formercabinet, Lascurain is entitled to serve as next in linein view of the deaths of Madero and Vice-PresidentSuarez. The Huerta Cabinet would be retained bythe compromise. This arrangement, it is said, hasbeen offered to the Constitutionalists now fightingthe Huerta Government in Northern Mexico. It isdeclared that Governor Carranza of Coahuila hasagreed and that the Sonora insurrectionists will fall inline. The decision of the present Provisional Presi-dent is said to have been occasioned by the recentuprising of Zapata in the South, which places theHuerta forces between two fires.

The much dreaded April settlements in Germanyhave been completed without very damaging results..A local banker at Kuestrin, Gustav Puppe by name,suspended payment on Tuesday with liabilitiesestimated at not exceeding $750,000. Puppe andhis son disappeared, and the failure, according toBerlin dispatches, is attributed to irregular methodaof speculation. In addition, two bank failures atDarmstadt involved two smaller banking institu-tions and at Munich there was another bank failure,involving losses of $200,000. Obviously these are-inconsequential embarrassments. They are evi-dences, however, of the strain that has been currentthroughout the Fatherland and which for that matteris still present. There were also some smaller failures,in the form of building concerns and commercialenterprises, but that general relief has been experi-enced since the first of the month is indicated bythe reduction of 1% that has taken place in openmarket discounts, and the reduction in the rulingrate for money to 5@532% from 6%. The weeklystatement of the Imperial Bank which was published


APR. 51913.] THE CHRONICLE 979

on Wednesday obviously represented conditions as of

April 1. It showed how active had been the pre-

parations for the quarterly settlement. An increase

in note circulation of 544,486,000 marks was recorded

as well as an increase of 47,016,000 marks in loans

and of 484,175,000 marks in discounts. Meanwhile,

the gold on hand indicated a reduction of 27,842,000

marks for the week and the cash items (including

gold) showed a reduction of 63,977,000 marks.

The Bank's deposits were reduced 54,536,000 marks.

The changes thus recorded indicate that the cash

holdings now stand at 1,180,222,000 marks. One

year ago the amount was 1,151,640,000 marks and

in 1911 1,059,000,000 marks. An increase is thusshown in cash of 28,582,000 marks for the year.However, loans and discounts during the same periodhave expanded 100,000,000 marks while circulationis 225,261,000 marks in excess of the figures of 1912

at this date. To be more specific, the loans and dis-

counts this week aggregate 1,842,699,000 marks and

compare with 1,742,260,000 marks one year ago and1,576,080,000 marks in 1911. The outstandingcirculation now amounts to 2,324,741,000 marks andcompares with 2,099,480,000 marks in 1912 and1,973,580,000 marks in 1911.

We are informed by press cablegrams from Berlinthat there has been no serious movement towardsreducing the military estimates and that the sug-gested increase of the German army will be votedpractically without opposition except from theSocialists, who will resist as a matter of form. After

the passage of the Army Bill the land forces of Ger-

many on a peace footing will comprise 33,800 officers,

119,000 non-commissioned officers, 621,176 privates

and 15,000 one-year volunteers. The remainder of

the total of 870,000 men will include medical, veterin-ary and pay officers, the hospital corps and othernon-combatants. The details of the German armyincrease have been officially published in the NorthGerman Gazette. The sum of $262,500,000 ($11,-250,000 more than the highest figure hitherto men-tioned) is to be spent. The plan proposes to increasethe "war chest", which has hitherto consisted of$30,000,000 in gold, by $60,000,000. The present"war chest" is made up of gold which formed partof the French war indemnity. It is kept to enableGermany to mobilize her forces at any momentregardless of existing monetary conditions. Thegold, which is stored in the famous Julius Tower atSpandau, will be raised to $90,000,000 instead of$30,000,000. The annual cost of maintaining theincreased military establishment, will be from $45,-000,000 to $47,500,000. The gross increase of armypersonnel in two years will be 136,000 officers andmen, and 27,000 horses will be added. The initialcost of the increase will be met by a "defense tax"on all fortunes over $2,500 at the rate of one-half of1%. There will also be a supplementary tax of 2%on incomes over $12,500. The recurring expensewill be met mainly by increasing the so-called "matri-cular contributions" of the Federal States to theImperial Treasury at the rate of 30c. per head ofpopulation. The army increase also provides "freshmeans for the development of the aerial fleet" butno details are given. The reason advanced for theincrease of the military establishment is the altera-tion of the balance of power in Europe in con-sequence of the Balkan war. "Germany", saysthe Gazette, "if war were forced upon her, wouldhave to defend her long frontiers simultaneously

against several enemies." The underlying ideaof the increase is described as an "extension of theprinciple of universal military service in accord-ance with the present status of population." Reign-ing princes are to bear the same taxes as subjects.

On the European bourses the tone during the earlydays of the week was one of confidence. Activehopes were entertained of an early cessation of theBalkan War because of Turkey's official and unre-served acceptance of the terms of peace suggestedin the note of the Powers. As the week advanced,however, it became evident that the outlook had notentirely cleared, inasmuch as the allied nations con-tinued to insist upon a war indemnity from Turkeyand in one instance there was complete defiance ofthe expressed wishes of the Powers. This instancewas the refusal of Montenegro to discontinue itsattack upon Scutari, as demanded by Austria, whosedemands, Montenegro was informed, had the ap-proval of the Powers. The effect of the renewal ofthe political uncertainty was to cause dulness ratherthan any distinct weakness, however, and an addi-tional cause of the inaction was the occurrence ofthe quarterly settlements, which in the case of Ger-many, particularly, had been the source of misgiv-

ings at all the financial centres of the world. In

London British Consols finished yesterday at 704

which compares with 74 7-16 a week ago. Balkansecurities, as quoted on the London Stock Exchange,show few changes. Turkish 4s, according to cabledicpatches, closed yesterday without alteration forthe week at 86; Bulgarian 6s remain at 102, Greekmonopoly 4s at 55 and Servian unified 4s at 81. Rus-sian 4s closed Wi lower for the week at 903/2 and Ger-man Imperial 3s declined 1 point additional to 75.The general investment market closes the week

slightly lower at London, the final quotation for

London 6,z Northwestern Ry., for instance, being130%, compared with 1313/2 a week ago, GreatWestern finishing at 115% as against 116, and GreatEastern closing I% lower at 5932.

Paris has experienced continued weakness inRentes. This has exercised a rather disconcertinginfluence on the general market. The closing quo-tation of the Government issue was 86.623/2 francs, asagainst 87.65 francs. This weakness, we are in-formed by cable, is due to liquidation, and representspreparations to subscribe to new issues of State funds,and is also due in some measure to the fear of in-creased taxation resulting from the duel in militaryarmaments that is already in progress with Germany.

Last week there was a large issue of Indo-China 332%bonds and on April 10 there will be an offering of100,000,000 francs new 4% State railway bonds.Furthermore, a rumor has become current that a newissue of Rentes is in prospect which will amount topossibly 1,500 million francs, 800,000,000 of which

will be used to retire maturing obligations and theremainder will be required in connection with the

new military propaganda. In addition, a newMoroccan loan exceeding 200,000,000 francs is soonto be offered. Paris correspondents report that theGovernment has already begun to educate publicopinion in favor of the bill providing for the newissue of Rentes, which will, it is understood, be intro-duced in the French Parliament early in May.In Lombard Street discounts were quoted at 4 5-16

@4N% for short bills and 49/% for long. There isno difference at the moment between quotations for


980 THE CHRONICLE [VOL. xcvi.

spot bills and those to arrive. A week ago sixty-dayacceptances were 4%@5% and ninety-day bills 45%@4 11-16%. A substantial reduction is indicated inday-to-day money at London, which, according toclosing cable advices, were 314@4%, comparing with49j% a week ago. The easier monetary situationat the British centre suggests a reduction in the offi-cial Bank minimum as soon as the political situationclears. However, the suggestion is advanced bysome London banking authorities that, should Lon-don continue to buy. American securities, a returnmovement of gold to this country might be threat-ened which the Bank might desire to control. Inthat event, or until the danger of such a movementis eliminated, the Governors of the Bank may feelinclined to maintain the present discount basis. InParis the private bank rate is continued at 4%, butsome cable dispatches quote it "soft" at that figure.In Berlin, since the settlement, the private bank ratehas declined to 4%@5% for all maturities, spot andto arrive, which compares with 574% a week ago.Money in Berlin was yesterday quoted at 5@5327o,comparing with 5% on Friday of last week. InBrussels the rate remains at 4 7-16%, in Amsterdam374% and Vienna is M% lower at 59%. The offi-cial Bank rates at the leading foreign centres are:London, 5%; Paris, 4%; Berlin, 6%; Vienna, 6%;Brussels, 5%, and Amsterdam, 4%.

The Bank of England return this week is rathermore favorable than recent statements, though itnot unnaturally reflects the usual large movementsincident to the close of the March quarter. Lom-bard Street paid off loans at the Bank of £4,941,000net and the amount outstanding ("other securities")is now slightly below the figures of a year ago, thetotal being £41,091,000. In 1912 at this date theloan account was £41,856,000, but in 1911 only£36,460,624. The gold holdings indicate a decrease'for the week of £237,336 and also provide a totalslightly in excess of that of a year ago, the amount be-ing £36,303,979, which compares with £35,997,439 in1912 and £37,907,457 in 1911. The reserve duringthe week showed a contraction of £1,013,000, and theproportion of reserve to liabilities has risen to 41.85%,which compares with 39.66% last week and 39.71%at this date a year ago. Note circulation increased£775,000 for the week. Public deposits were re-duced £5,026,000, this representing Government dis-bursements, and ordinary deposits were reduced£918,000. Our special correspondent. furnishes thefollowing details of the gold movement into and outof the Bank for the Bank week: Imports, £1,838,000(of which £227,000 from Egypt, £30,000 from Ecua-dor, £1,200,000 gold guaranteeing Indian paper cur-rency released and £381,000 bought in the open mar-ket); exports, £1,265,000 (of which £5,000 to Gib-raltar and £1,260,000 earmarked Indian gold cur-rency), and shipments of £810,000 net to the interiorof Great Britain.

Advices by cable from Paris state that the Bank ofFrance has received during the last fortnight 50,-000,000 francs in gold from New York. However,its gold holdings have increased only about 30,000,000francs, of which 10,666,000 francs was reported inthis week's statement. This suggests that theremay have been a substantial basis for recent reportsthat France had forwarded considerable amounts ofthe precious metal to Germany to aid the quarterlycrisis in the Fatherland. While the gold holdings of

the French Bank are now slightly (20,412,000 francs)above last year's figures and are also in excess of thestock of two years ago, the Bank's position in rela-tion to its obligations is by no means as strong as ineither of the years noted. Its silver holdings in-creased during the week 3,055,000 francs, for instance,but the total on hand is only 610,112,000 francs,as against 808,400,000 francs one year ago and 842,-350,000 francs in 1911. The outstanding circula-tion showed an expansion of no less than 259,950,000francs during the week, discounts were increased158,725,000 francs and treasury deposits decreased102,125,000 francs and general deposits were lowered112,525,000 francs. The outstanding circulationnow amounts to 5,850,620,000 francs and has eachyear been showing a steady, unbroken increase since1908, when the total was only 4,876,289,940 francs,which compares with the present amount outstandingof 5,850,620,000 francs. A year ago the total was5,510,669,365 francs and in 1911 5,301,759,330francs. Discounts stand at 1,939,670,000 francsand compare with 1,463,089,275 francs in 1912 and1,079,033,625 in 1911.

In local money circles the easier tendency to whichwe referred last week has continued, with the ex-ception of a slight flurry in demand rates on theclosing day of March. This flurry, it will be appre-ciated, resulted from the calling in of loans by thebanks and trust companies in preparation for theApril dividend and coupon payments. Funds forfixed maturities were not correspondingly affected,and call money rates, after touching the high levelof 7% on the day referred to, also moderated as soonas the April disbursements began to return to thebanks. Time money at the close is down to 4@4%,which is a reduction of 3/2@1% from our quotationsof a week ago. The weekly statement of the Clear-ing House published on Saturday of last week indi-cated an increase of $6,947,000 in the cash reserve.But there was, however, an increase in reserve re-quirements of $4,740,600, resulting from a depositexpansion of $21,548,000, so the actual increase incash surplus was only $2,206,400, which brought thetotal up to $15,762,600 and compares with only$487,550 at the corresponding date a year ago. Theconcessions in rates for time funds this week are theresult of a reduction in the demand rather than anyspecial increase in the supply. The opening of thespecial session of Congress on Monday, at which realrevision of the tariff is expected to be taken up as apractical proposition, is not unnaturally beginningto exert somewhat of a restraining influence on thelines of trade that will be most intimately connectedwith reductions in the tariff schedules. Currencyshipments from New York this week have been ratherfree, which is not unnatural in view of the remittancesof relief funds to the flooded sections of the Westand also to the demand of those sections for facilitieswith which to begin the restoration of the waste that,fortunately, seems to have been exaggerated. TheWestern losses having borne but slightly upon in-surance companies, there has been no pressure bythese institutions to borrow at New York or to obtainfunds by means of sales of securities. Western ad-vices indicate a falling off of banking requirements forordinary industrial and mercantile purposes in theflooded sections. That is not surprising in view ofthe suspension of activities brought about by thecatastrophe and the restraining influence, senti-


APR. 5 ; 913. j THE CHRONICLE 981

mental and otherwise, on trade generally. This is aninfluence, it is figured, that in the immediate futurewill temporarily increase rather than decrease, andwill to that extent furnish something of an offset tothe demand for funds for repairihg buildings and forother reconstruction work. It is understood thatas soon as monetary conditions justify the experi-ment, the New York market will again be tested bybankers as to its ability to absorb new securities.Interborough bonds are, for instance, to be offeredin the near future.

• The range for call money during the week has been23/2@7%, the higher figure being touched on Monday,the last day of March, as a result, as we have alreadynoted, of the calling of loans in preparation for theApril payments. On that day 532% was the lowestwith 6% the renewal basis; on Tuesday 6% continuedthe renewal basis and was the highest quotation, with3% the lowest figure; Wednesday's extremes were3%@41A%, with 43/2% the ruling rate; Thursday'shighest was 432%, lowest 23/2% and ruling rate 4%;on Friday the range was 3@4% with 39% the re-newal basis. Time money closed on the basis of4@432% for all maturities, which is a reduction of3/2@1% for the week. Commercial paper is rathereasier, but is not in active supply. The closing rateis 53/2@6% (against 5%@6%)a week ago) for sixtyand ninety-day endorsed bills receivable and also forfour to six months' names of choice character; othersare quoted at least IA% above these figures.

In sterling exchange circles the tone has been a goodone and rates for bills have been slightly advanced.Cable transfers, however, are lower in sympathywith lower discounts and easier money conditionsgenerally abroad after the successful conclusion ofthe April settlements. The usual seasonal demandto remit quarterly dividends and coupons to foreignholders of American securities has been present. Ourexports of merchandise and products are keeping upon an active scale, and, curiously enough, the importside of our foreign trade movement is likewise runningunder full steam, notwithstanding the near approachof tariff revision, which should, it would seem, sug-gest caution to interests on this side using foreignraw materials and manufactured articles. The quar-terly demand having subsided abroad, there were noadditional engagements of gold for export, and theexpectation in banking circles here is that Germanywill soon be in a position to return to London andParis gold that was recently secured to aid in finan-cing the regular quarter-end settlements. Londonand Paris, in turn, feeling the easier conditions, willbe able to furnish their own gold to South Americainstead, as has been the case during the last fewmonths, of calling upon New York to provide theprecious metal. London has been quite an activebuyer of American securities since Easter; andusually conservative London correspondents assertthat American securities at the moment are increasingin favor among bankers at the British centre. Shouldthis movement in securities assume any great pro-portions—to correspond, for instance, to the salesby foreign holders at the outbreak of the BalkanWar—it is not unlikely that the foreign exchangewill move in favor of New York and that it will bepossible to bring back some of the gold that we haverecently exported abroad. Day-to-day money ratesin London have declined this week about 1% andprivate discounts close fully /2% lower for the

week. When the first reports of the floods, firesand tornadoes in the Central West were received, itwas expected that losses by English insurance com-panies might possibly become a factor in the sterlingexchange situation. More complete returns, however,show that losses by insurance underwriters are com-paratively slight—they are estimated in London atnot more than L250,000—and are not likely to becomeimportant factors in the general situation. Thetemporary check to the satisfactory progress of peacenegotiations abroad has somewhat reduced .the for-eign demand for funds. It is conceded that as soonas the war is definitely over that there will be aremarkable degree of activity in capital demandsby the Balkan States, which will have a stimulatinginfluence on European interest rates as a whole.It is not impossible that this influence may also ex-tend across the ocean to this side.

Sterling exchange in Paris has moved slightlyagainst London, closing at 25.25 francs, against25.26 francs a week ago. Exchange at Berlin onLondon has, however, moved decisively in favor ofthe British centre, closing at 20.479. marks, against20.453/2 marks a week ago. Berlin exchange in Parisclosed at 123.30, against 123.523/2 last week.Compared with Friday of last week, sterling ex-

change on Saturday was firmer, with demand quotedat 4 8715@4 8725, cable transfers at 4 88@4 8810and sixty days at 4 8315@4 8325. On Monday,after a firm opening, demand declined 20 points .to4 87, on the sudden, sharp rise in local money rates,although later this was in part regained on coveringof shorts, and the close was 4 8710@4 8720; cabletransfers were relatively weaker at 4 8770@4 8780,while sixty days declined only 5 points, to 4 8310®4 8320. Rates moved irregularly on Tuesday, theweakness at the opening being followed by a firmertendency; demand receded to 4 8705, then rallied,and closed 5 points. higher at 4 8715@4 8725; cabletransfers contiriued weak, declined to 4 8755 at onetime and finished 5 points down at 4 8765@4 8775;sixty days ruled firm:and advanced to 4 8320@4 8330.On Wednesday sterling opened weak and declinedto 4 87 for demand and 4 8750 for cables on the im-proved outlook abroad and speculative selling here;during the day, however, the easing up in local callmoney caused a partial rally, though final figureswere below Tuesday's close, at 4 8710@4 8720 .fordemand, 4 8760@4 8770 for cable transfers and4 8310@4 8320 for sixty days. The sterling marketwas firm on Thursday and advanced 5 points, de-mand being quoted at 4 8715@4 8725, cable trans-fers at 4 8765@4 8775 and sixty days at 4 8325®4 8335; the chief factor of the day was the continuedease in rates for money. On Friday the marketruled quiet but continued steady. Closing quota-tions were 4 8325@4 8335 for sixty days, 4 8715@4 8725 for demand bills and 4 8765@4 8775 for cabletransfers. Commercial on banks closed at 4 813i @4 823/a and documents for payment 4 823@4 83.Cotton for payment ranged from 4 82%@4 83.Grain for payment 4 83®4 833.

The New York Clearing-House banks, in theiroperations with interior banking institutions, havegained $7,972,000 net in cash as a result of the cur-rency movements for the week ending April 4.Their receipts from the interior have aggregated$15,897,000, while the shipments have reached$7,925,000. Adding the Sub-Treasury operations,



which occasioned a loss of $4,756,000, the combinedresult of the flow of money into and out of theNew York banks for the week appears to have beena gain of $3,216,000, as follows:

Week ending April 4 1013. IntoBanks.

Out ofBanks.

Net Change inBank Holdings.

Banks' interior movement $15,897,000 $7,925,000 Gain $7,972,000Sub-Treasury operations 18,851,000 23,607,000 Loss 4,756,000

Total $34,748,000 $31,532,000 Gain $3,216,000

The following table indicates the amount of bullionin the principal European banks.

Banks ofApril 3 1913. April 4 1912.

Gold. Silver. Total. Gold. Biker. Total.

England_ _ 36,303,979France _ _ _ 129,835,520Germany 46,153,800Russia _ _ _ 157,383,000Aus-Hunb 50,151,000Spain _ _ __ 17,883,000Italy _ _ _ 46,566,000Netherrds 13,464,000Nat Beig. 7,640,667Sweden _ 5,704,000Switaerrd. 6,920,000Norway _ _ 2,124,000

36,303,97924,404,400 154,239,92014,000,000 60,153,8007,373,000164,756,00010,455,000 60,606,00030,076,000 47,959,0004,042,000 50,608,000818,900 14,282,900

3,820,333 11,461,000 5,704,000 6,920,000 2,124,000

35,997,439129,019,95040,981,700148,373,00052,684,00016,927,00041,936,00012,139,0006,598,6674,793,0006,476,0002,042,000

35,997,43932,336,300 161,356,25016,610,600 57,592,3007,226,000 155,599,00012,822,000 65,506,00030,363,000 47,290,0003,680,000 45,616,0001,088,700 13,227,7003,299,333 9,898,000 4,793,000 6,476,000 2,042,000

Tot. week. 520,128,966Prey. week 521,134,428

94,989,633 615,118,509497,967,75605.563,567616.697,095 505,584,195

107,425,933 605,393,689108,023,333 613,607,528

PEACE IN THE BALKANS,AND AFTERWARDS.

It was the general consensus of opinion throughout

diplomatic and financial Europe that the fall of

Adrianople on Wednesday, March 26, after a stub-

born defence of more than five months, marked the

virtual end of the Balkan war. Talk of an early set-

tlement on the terms of peace at once became gen-

eral. Assurances to that effect were publicly given,with much more definiteness than before, by CabinetMinisters of the various Powers, and a decided riseon the European stock exchanges ensued. Theformal ending of the war has not yet come; for,although Turkey has renewed her offer to acceptthe previous stipulated terms of peace, with the ex-

ception of the cash indemnity, the Allies have not

acceded, and the Bulgarian troops have advanced

to the lines around Constantinople, where the fighting,

by the latest information, has been still proceeding.

All of these circumstances raise the questionwhether the Balkan war is actually over, and, if so,

what is to be its political and financial sequel. It isto be presumed that the movement of the Allies onConstantinople is designed, not for the purpose of

• capturing and retaining the city, but for the furtheremphasizing of their demands on Turkey. That theEuropean Powers are united in disapprobation ofthe actual seizure and retention of Constantinopleby any of the Balkan Powers has been all along rec-ognized, even by the victorious Allies. The realcrux of the present situation is the demand for a heavycash indemnity from Turkey—a demand formallymade by the Allies, formally refused by Turkey,and formally disapproved by the neutral Powers,on the presumable ground that Turkey is in no con-dition to sustain the burden.. The problem is in some respects a most curiousone. Had the Ottoman Government, for instance,refused to agree to .the cession of Adrianople untilthe Allies should actually have captured it, one mighttake the ground that all that has happened as a re-sult of these events of the war is that Adrianople,as well as the other conceded territory, must now begiven up. But, as it happens, Turkey had alreadyagreed to give up Adrianople as a condition of peace,and had so agreed while its own army was still hold-ing out against the seige. Therefore, from the Bul-

garian point of view, thq actual taking of Adrian-ople by storm creates a new situation, warrantinglarger demands by the Allies than they had submittedin the London conference. Furthermore, it willundoubtedly be argued by the Allies that the terri-tory which they acquire by the terms of peace willbe burdened with what is virtually a heavy mortgagelien—since it is everywhere accepted that the newpossessors of such territory must, like Italy after itscapture of Tripoli, assume the portion of the Turk-ish debt fairly allotted to that territory, and mustconfirm the pledge, for payment of the interest,of the revenues from that territory which Turkeyitself had pledged in its original debt agreement.But here at the start the Allies will, not unnaturally,

argue that they are handicapped in recouping them-selves through the revenues of the conquered terri-tory, and are placed in that position at a time whentheir own losses, both in men and treasure, have beenprodigious, and when the burden of reconstructionwhich will fall on them after peace will demand enor-mous additional expenditure. Yet, on the otherhand, not only is it a reasonably simple matter toshow that Turkey, with the revenues even of herAsiatic provinces so largely pledged to secure ex-isting loans, would find it no easy matter to procurethe requisite credit for payment of a large indemnity,but at the same time Servia and Bulgaria are entirelyaware that they, for their own future interests, mustlook to the bankers of the European capitals, andmust, at least to a certain extent, heed the judgmentof those money centres regarding the financial pro-priety of a Turkish indemnity.These circumstances undoubtedly open the door

to troublesome negotiations. The Balkan govern-ments will probably have to deal with strong feelingat home regarding the indemnity question; it is notto be forgotten how, after the Manchurian peaceof 1905 event, the thrifty Japanese were thrown intoa tempest of resentment through the waiving of acash indemnity from Russia. In the end, the matterwill undoubtedly be settled—perhaps through apartial compromise—for the excellent reason thatthe Allies themselves have the strongest inducementsfor bringing the fighting to an end. When oneconsiders not only the enormous expenditure by theBalkan States for war materials but the exception-ally large losses of citizen soldiers on the battlefield,and keeps in mind also the fact that the total popu-lation of Bulgaria at the opening of the war scarcelyexceeded four millions, while that of Servia did notreach three millions, it requires no very extensiveargument to show that demand for peace on anyreasonable terms must be making itself felt with theBalkan peoples. Not only have they to consider thisquestion of outright losses through the campaignitself, but, by all accounts, such business as ordinarilyexists in the Balkan States has been completely insuspense; the business men being very generally atthe front. Expenses run on in the meantime, andnow comes the moment when the young men of thearmy are peremptorily needed at home to put in thespring crops of the Danube Valley, unless to all theseother losses is to be added a general failure to pro-duce the autumn harvests, which are the para-mount commercial reliance of the Balkan com-munities.

After peace has been definitely settled, what then?Politically, it is not unreasonable to expect a seasonof diplomatic calm, resulting from the exhaustion of



the belligerents and from the weariness of othercountries over the irritating quarrels of the Powers.Later on, there are numerous interesting possibili-ties which will arise, not least of all in regard to therelations of Austria, Germany and Russia to the newSlav Powers and the proposed new kingdom of

Albania.Of the financial sequel, the probabilities are some-

what similar. The end of the war and the subsidenceof the war talk should logically bring about relaxationin the money tension which has so long prevailedthroughout Europe. That expectation has, indeed,been reflected in advance by the sharp recovery onthe European stock exchanges since the fall of Adri-anople. This week's quarterly settlement on theGerman markets, which has passed off with unex-pected smoothness, and with money rates fallingfrom 6% to less than 5%, was certainly influencedto a large extent by the feeling that peace was near.Peace would, however, leave open the two problems—first, as to whether a period of European trade re-action, such as often follows a strain of this charac-ter, is ahead, and, second, as to what will occur in re-lation to the money hoarding which has for fourmonths been a phenomenon of peculiar interest inEurope, and which is roughly estimated to have re-sulted in the hiding-away of more than $300,000,000.Will the existing trade activity of Continental Europecontinue without relapse, and will the hoarded cashcome back into the market? Perhaps even those resultsdepend on the view which Europe's people take here-after regarding the political situation. There wasadmitted hoarding of cash in France during the Mo-rocco dispute of 1911, and the cash came back veryslowly to the channels of trade. In addition, thelarge requirements of new capital, for the rehabili-tation of the Balkan States and for other purposes,have now to be kept in mind.Back of all these important considerations stands

the fact of an epoch-making political and socialchange in Europe through the victory of the Slav Al-lies. Turkey is about to be virtually expelled fromEurope, after having maintained its footing thereduring 460 years, and after having at one time ruleda territory extending almost to the gates of Vienna.In the longer political future, the problem will be thereconstruction of the Continental alliances. It re-mains to be determined, first, what will be the rela-tion of the new Slav Powers to one another. Theirmutual attitude has by no means been alwaysfriendly. Bulgaria and Servia have fought beforethis over boundary questions, and it is one of theteachings of experience that jealousies arise veryquickly between States which have been temporarilydrawn together through a common vital purpose,when that purpose has been achieved and the olddisputes recur. Whether the outside diplomatic af-filiations of the new Balkan Powers is to be withRussia, or with Germany, or with France; whetherthe different States may not ally themselves with dif-ferent neutral Powers, and what will be the attitudeof Austria., with its own dominions populated solargely with Slays, predisposed to racial sympathywith the victors in the Balkans—these are momentousproblems of the future.The extensive plans of Germany for increasing its

army and its armament have been avowedly basedon the shifting of the diplomatic centre through therise of these new Southeastern Powers. That suchconsiderations promise a period of complicatcl. and

possibly troubled diplomacy, it would be difficultto deny. Yet perhaps the very fact that peace-lov-ing European people have in the past few monthslooked in its face the danger of possible internationalcollision may of itself serve to discountenance thebelligerent elements among their governments andpeople. As against the sudden preparations forwar or for defence against invasion, undertaken byGermany and France, may be placed, at any rate, theBritish Government's tentative proposition for aprovisional interruption to the sea power expenditureof the nations.It may, in fact, be said that, while the experience

of the past few months has thrown into clearest lightthe possibilities of a "European Armageddon,"it has also brought into equally strong relief the under-lying disposition of the people, even in such tradition-ally belligerent States as Germany and France, toinsist on maintenance of peace. At the moment, thesituation seems to indicate clearly this fundamentalfact—that the people of the various Continental na-tions have no wish for war unless thay are attacked,and that, therefore, so long as the ambitions of rul-ers and governments can be restrained, there is noreason to look for war.

"THE COURTS AND LEGISLATIVE FREEDOM."Not many days ago Mr. Roosevelt indulged anew

in his strictures upon the higher courts and declaredthat the power to interpret is the power to enact.This is epigrammatic in form, catchy in sound, anddestitute of truthful substance; but it reminds usthat the growing impatience with the higher courts isa phenomenon which has made serious progress inthe past year. There had been signs of it before—aswhen a proposition which did not get far and drewno public attention appeared in Congress (see "Chron-icle," May 23 1908, p. 1256), the covert aim of whichwas to get rid, by indirection, of some of the oldermembers of the Supreme Court by offering thema pension on condition of early retirement. Inthis last year the recall of both judges and decisionshas been insidiously preached; the courts have beendenounced as obstructive, and the disposition to re-taliate whenever their action displeased the populartemper at the time has been manifested more thanever.One form of this is the proposition, put into a

Senate bill in January, for increasing the membershipof the Supreme Court. Another form is the sug-gestion that legislation shall be enforced exactly asit is and its Constitutionality shall not be inquiredinto. Another is shown by a recent report of theSenate Committee on Inter-State Commerce, headedby Mr. Cummins of Iowa, who discourses on "un-controlled and unguided judicial discretion."In ordinary times it would suffice to point out

tkat no such absolute discretion exists. Discretionin all courts from the lowest to the last from whichappeal can be taken is both guided and controlled bythose higher, which declare and emphasize the con-trol by reversals. The highest courts themselvesare guided and controlled by the limitations of theConstitution—that is to say, by the people them-selves, who form the unorganized and rather over-impulsive court of last resort. When some "social"statute, as, for instance, some concerning hours andother conditions of labor, has been found by the finalcourt to be barred by a constitutional provision,


984 THE CHRONICLE [Vol, xcvi.

there have been hasty charges that the courts areohstructive in not reading the Constitution as it"ought" to be rather than as it is. But the Courtonly holds up to the people what they have alreadyenacted as their own highest governing law; if theydeem that contrary to their later view of the un-written "higher" law, it is for them, and for them

44 only, to change the written document into corre-spondence with what they deem the "moral concept."It escapes the objectors that if judges decided ac-cording to what ought to be and not to what isthey would be acting extra-judicially and would beguilty of just what they are now charged with doing,namely, following judge-made law.

It, has already been pointed out in the "Chronicle"that no court has ever assumed to "nullify" astatute; there has been an attempt, in our politicalhistory, to do that, but to apply that word here isinaccurate. All a court ever undertakes to do is tofind that a statute was not passed in conformityto Constitutional forms and hence never had validity;or that it conflicts with some Constitutional pro-vision and is therefore void; or that it is inconsistentwith some basic principle of justice, long acceptedthrough time and embodied in the fundamentaldocument which the people have enacted as theirrule of conduct. As for declaring (or solemnlyenacting) that every law shall stand as final withoutquestion, this would be reduction to absurdity. Nolaw—not even so plain a law as that against murder—can be executed until somebody has decided what thelanguage declares shall be done, for an agent cannotact until he finds what his principal wants. Inter-pretation is unavoidable because it is a part of en-forcement, and for the same reason it cannot beshifted; a law attempting to add judicial functionsto the lawmaking body would be void because im-possible to carry out. What the law-making bodycan do is to conform its behests to the earlier lawthat limits it and to couch them in such terms (thenew Income-tax Amendment being a perfect exampleof this) that they become like the multiplication table,incapable of being read except in one way.

Senator Cummins himself unconsciously replies tohimself. He thinks the courts have too much power,but he suggests no means of curbing them; he dis-courses rather than recommends. "It has becomeimperative (he says) to enact additional legislation"for strengthening action against trusts, but he isvague as to what that should be. He suggests none,but thinks Congress ought to devise somethingquickly that shall "specifically prescribe certain con-ditions upon which persons and corporations shall bepermitted to engage in commerce . . .; theseconditions should be of a character that willtend to preserve reasonable competition or substan-tially competitive conditions and to compel inde-pendence in both organization and conduct." Justso. But the Supreme Court has declared the "ruleof reason" to be the touchstone for finding whatcombinations are and are not permitted, and thisreport, which criticizes it as having too much liberty,wants to preserve "reasonable competition."When final courts judge a statute according to basic

principles of justice they enter 'upon a field whoseboundaries are not the most sharply defined, yetone which they cannot avoid. Laws and constitu-tions are "to establish justice"; courts are to executeand enforce justice; therefore, courts must discoverand interpret justice. Yet it is in the line of this in-

separable duty that popular displeasure is likeliestto arise. In the March issue of the "Atlantic,"Mr. George W. Alger of the New York Bar writesinterestingly but with some vagueness, perhaps ex-cusable, concerning "the courts and legislativefreedom." We quote a few sentences:

"Underlying a great part of the current discussionof the judiciary, and as a main basis for the nostrumentitled the recall of judges, is this matter of thepotential domination of the legislative idea of reason-ableness. . . . . What the conservative refusesto see, in his resistance to the new forces in publicopinion, is that the more progressive or radical in-fluences in our society are themselves endeavoring toaccomplish an essential conservative reform throughthis insistence upon the recognition by the courts ofthe need of greater legislative freedom. . . .The permanence of our constitutions in their presentform depends upon the establishment of a broaddoctrine which permits a free exercise of all theessential attributes of legislative power.. . . The part of this program [of democracy

expressing itself] which affects the courts is that whichseeks to bring them in line with this movement bycompelling them to recognize a shift in the balanceof power, a necessary change in their relation to a,system which must depend for its strength, its effi-ciency and its growth upon the power to create, andnot upon the power to complicate and prevent."

Mr. Alger is not pessimistic, for while he says that"what may be called the expansionist theory is to-day rapidly gaining ground," he immediately addsthat "the notion that the courts form an adamantinebarrier to progress is false." In this he seems to us toeffectually answer himself. There is no power, andthere was never any attempt, in the courts "to com-plicate or prevent." There is no hindrance togrowth in lack of "power to create," for there is nosuch lack. There is no domination, actual or po-tential, of the judicial over the legislative "idea ofreasonableness." The legislative power declares; thejudicial cannot alter, though it disapprove. It isfor the people to decide what is just and reasonable.When they seek to establish what is not just and nottolerable, it will be for them to discover and amendtheir action or see society disintegrate. All theclamor against one of their instrumentalities seemsto us like denouncing one's own feet because theydo not carry us where we want to go.

LABOR UNIONS AND THE EXTRA CREW BILLS.Passage of the extra crew bills in New York and

New Jersey, together with the pledge which the laborunions are alleged to have exacted from GovernorSulzer in advance of the election last fall that hewould, if successful, sign such an extra crew bill,brings to public attention some thought of thepresent attempts of labor unions, through legisla-tion, to interfere with the management, to depletethe revenues and to destroy the discipline of rail-ways.The situation discloses an organization of working-

men using its influence in politics to secure theadoption of class legislation for themselves at thesacrifice of every other consideration. Its memberswill vote for particular party candidates for governoror legislators because they favor some special legis-lation in their own behalf. Candidates are inducedto promise to do so in order to obtain the labor vote.There was a time, of course, when corporations

were in politics, and they assisted men to get elected onthe assurance that when elected they would carry out


APR. 5 1:n3 ] THE CHRONICLE 985

'the instructions of the corporations. Now, under thestress of an active and very proper public opinion,the corporations have retired from politics. Publicsentiment, however, does not discourage labor leadersfrom actively engaging in political work. They donot work with money, as the corporations may havedone in the past, but, what is far more deadly in itseffect, they offer to deliver or to withhold votes at.the next election. It is a weapon the legislativepolitician cannot stand. He surrenders.Labor unions, with deadly effrontery, attack the

situation at the very seat of political action, namelythe primary. The labor leaders see to it that mennominated for office pledge themselves to labormeasures even before they are nominated. Then,after the man is nominated, the labor leaders seeto it that the men on both sides pledge themselvesto these measures, else the objector is publicly adver-tized as a "foe to labor." Is not this exactly likethe old plan whereby corporations contributed tothe campaign funds of both sides in order to make surethat whichever side was successful in the electionthe corporations would be well taken care of?

Railways companies are being betrayed by theirown men. The labor politicians claim, at publichearings, that the men dare not demand their rightsbefore public service commissions lest they be dis-charged or become marked for discipline. Yet therailway companies give large numbers of employeesindefinite leaves of absence to go to State capitolsduring legislative sessions to fight for measuresutterly repugnant to the prosperity of the very com-panies on whose pay-rolls these men remain. Theemployees are given this privilege for the very pur-pose of letting the men understand that they are freeto do any proper act to improve their condition.And such employees receive free passes from therailway companies with which to go and come fromthe State capitols.

See how the men are striking at the very heartof those proper rules of discipline designed to con-serve the safety of railway passengers! A few daysago Assemblyman McGrath introduced into the NewJersey Legislature a bill prohibiting railroads frommaking tests of their signals at times when engine-man have not been warned that such tests were pro-posed.

It is the practice of the Pennsylvania RR., for in-stance, to make constant tests, both for the purposeof seeing that its signals are in proper order, and alsoto assure itself that the men are at all times alert.It is a measure palpably in the public interest, butout of 51,000 tests made on the lines of the Pennsyl-vania RR. last year, about 1% showed that theenginemen did not properly observe signals. These510 failures represented as many opportunities foraccidents, and we assume that the result was 510cases of discipline. The men are restive under thischecking of their performances and in the resultingdiscipline, but is it not a duty of the railroads to takeno chances?A flood of railway union measures are designed

to force the employment of unnecessary men. Suchis the effect of the extra crew laws. Of thischaracter is the proposed Pennsylvania law limitingthe length of freight trains to 60 cars where 80 arenow often run. Such a law would mean that fourfull crews would be employed where three now do thework. The firemen are now fighting before theArbitration Board in New York to secure two fire-

men in addition to the engineer on every locomotive.At one of the conferences held between the railwaymanagers and their firemen, before the arbitrationproceedings started, the President of the Firemen'sBrotherhood said to the Conference Committee ofManagers on Dec. 20 last:"So far as the firemen were concerned, they would

have to have relief, and if they could not get itacross the table they would have to get it at Washing-ton. We are here trying to get it across the table.If we don't get it here, you can depend upon it theywill get it at Washington. Now I don't mean thatthey will get two firemen at Washington. I meanthey will get the ten or twelve-hour day, and theywill not get it through this organization, but theywill get it through the individual members of Con-gress. I believe I speak the truth that if we fail here toget relief for firemen, they will turn to Congress for it."The railway unions are seeking higher pay at every

opportunity and they evidently mean to see to itthat every additional man who can be forced on to arailroad pay-roll is put there under conditions whichwill make it extremely difficult, if not impossible, forthe companies to dispense with his services, no matterhow acute the financial depression which may fromtime to time arise.But the plan goes even further. Not only do the

unions seek through legislation to force the employ-ment of unnecessary men, but they are taking stepsto enable their men, through strikes, to practicallyforce through any demands and to make it impossiblefor railways to fill their places with men willing towork, if the regular men decide to strike. Forexample, a so-called vservice bill" introduced in thePennsylvania Legislature, presumably as a safetymeasure, is in reality nothing but a bill to preventthe operation of a railroad in the event of a strike.A provision in this bill requires that the last threemonths' service immediately preceding any man'spromotion shall have been in the same railroad onwhich he is to be appointed. In other. words, incases of emergency men may not be employed, nomatter how competent they may be to perform thework required of them.This entire movement is plainly along a line so

hopelessly uneconomic as to make its ultimate defeatinevitable. But in the meantime both the generalpublic and railway shareholders will have to sufferthe immediate effects. Such measures will, with theunerring recurrence of the procession of the equinoxes,bring about curtailment of railroad development andconsequent injury to public interests. It is difficultto make the pill& realize this in advance, but whenthe crisis comes, it will be so plain that all can see.

THE EIGHT-HOUR MAN."From forge and farm and mine and bench.

Deck, altar, outpost lone—Mill, school, battalion, counter, trench,

Rail, senate, sheepfield, throne—Creation's cry goes up on high

From age to cheated age;'Send us the men who do the work

For which they draw the wage I ' "KIPLING.

The Preacher said: "Whatsoever thy hand findeth to do,do it with thy might." A modern reading would probablyadd "but not over eight hours in any given day, lest therebe not enough for both of us."For the fundamental basis for the demand for an eight-

hour or other limit to the working day is not the need formore leisure, but for less competition. It is based on thesame thought that would prevent the use of machinery orlabor-saving devices, and is founded on the principle that theman needs the job, rather than that the job needs the manand that he should do his best.



44

The fallacy of the eight-hour argument is not readilyapparent to the average mind, but its results soon becomeevident on any extended review or historical comparisonof men and events. That it is exactly contrary to what wecall the American spirit of enterprise, the pioneer spirit,that built this Western civilization in a wilderness andwrested it from the savage, is not to be disputed. But theargument is given that with the improvement in machinery,and other productive methods and processes, the need nolonger exists for a man to go forth and labor at his work tillthe evening. This will be difficult to prove until there is asurplus of the necessities of life; until our great population isproperly housed and supplied with nourishing food, andsuch a surplus is built up as will secure us from the dangersof famine or drought. How far we are from such a positionneeds only the statement. The growing increase in costsof food supply, and its relative shortage as compared withpopulation, is a grave and threatening fact, and the housingproblem, as it affects the health and well being of our citydwellers, demands an answer that is not readily forthcoming.That any trade should refuse to let its workers ride to

their work on a bicycle, for fear that too much might beaccomplished in the prescribed time, as is the case in someof the building trades, is only one instance of the absurdlength to which this method can be carried.

Doubtless, in a sense, the plan does "make work", andmakes it last longer, but that it has so increased buildingcosts in many localities that decent houses for workingpeople, at a moderate rental, can not be had, is beyonddispute.

Carried to a point of uniform and rigid law, we see theresults in salient example in Australia. Here is a countrynearly as large as the United States, with a population butlittle larger than that of Ireland, and the increase in tenyears is stated to be barely a thousand souls per year.And yet Australia is held up as an example for us, especiallyin the item of "labor laws" and other social legislation.The deadening, cramping effect of limiting a man's ener-

gies, of forbidding him the full use of his full powers, mustbe admitted when we see that Australia produces neitherscience, art, poetry, or even useful mechanical invention.Rich in resources, but bound in rigid industrial fetters, shehas become an object lesson of what a free people shouldavoid.

With our more enlightened social conscience, seeking tosafeguard the welfare of the weak, especially of womankind,and childhood, we should also see that sentimentality doesnot carry us to the other extreme. We should remember theold fable of ̀ The Miller, His Son and the Ass," lest we findourselves burdened, and our journey halted, by misuse oftheimeans that should have been helpful to our progress.The world's work is yet to be done; much pioneering is

yet needed. As the old school book had it—"Depend uponit, the ancients were right—`Quisque Suns Fortunae Faber'.There is no excellence without great and patient labor."And as another poet has said—

"The heights by great men reached and keptWere not attained by sudden flight.

But they, while their companions sleptWere toiling upward in the night."

JOSEPH D. HOLMES.March 25 1913.

LIABILITY TO MILITARY DUTY OF GERMANRAILWAY EMPLOYEES.

New York, April 2 1913.Editor of the "Financial Chronicle" :Dear Sir: In your issue of March 22d you have a criticism

of a previous article on the military liability of German rail-way employees. As the critic seems to be a German it wouldappear rash for an American to criticize his statement, but Ihave inquired of a German citizen whether Mr. Winchell'sarticle regarding this liability was correct or not. He statedthat the probabilities were against the summoning of strikers asmembers of the army or the different reserve forces but itwas possible, by a technicality, to force them into military ser-vice at any time up to the age limit. If the "interests ofthe Kaiser and the Empire" demand it, all able-bodied mencan be summoned to the various divisions of the army or re-serves for practice or maneuvers. If the authorities con-sider it advisable these maneuvers, can take place on the everyrailroad deserted by the strikers and any refusal to operatethe trains then becomes military insubordination. Tech-nically speaking, such insubordination could be punished

by shooting, but, as 'your correspondent states, no suchthing has ever occurred. The fact that a German citizenhas finished his one, two or three years of active servicedoes not relieve him from the liability to a call to one of thereserve bodies. Yours very truly,

H. S. BURROUGHS.

BANKING, FINANCIAL AND LEGISLATIVE NEWS.—The public sales of bank stocks this week aggregate

188 shares, of which 123 shares were sold at the Stock Ex-change and 65 shares at auction. No trust company stockswere sold. Extensive tables reporting the bid and askedquotations, deposits, surplus, &c., of banks and trust com-panies in all important cities in the United States are pub-lished monthly in the "Bank and Quotation Section," theApril issue of which accompanies to-day's "Chronicle."Bid and asked quotations for all New York City bank andtrust company stocks are also published weekly in anotherdepartment of the paper, and will be found to-day on pages1000 and 1001.Shares. BANKS—New York. Low.15 Butch. & Drov. Bank, Nat.. 131

High. Close.131 131

Last previous sale.

*15 City Bank, National 400 400 400 Mar. 1913— 410*108 Commerce, Nat. Bank of.. _ _ 192 193 192 Mar. 1913— 19250 Germania Bank 475 475 475 Jan. 1913— 526k

* Sold at the Stock Exchange.

—A New York Stock Exchange membership was reportedposted for transfer this week, the consideration being $45,000,an advance of $4,000 over last previous transfer.—The announcement from Rome early Monday morning

of the fatal termination of the illness of J. Pierpont Morgan,received with universal regret in all parts of the world, hasovershadowed all other events of the week. The fact thatMr. Morgan was in a critical condition was not made publicuntil Sunday last, and the news of his death on Monday camewith unexpected suddenness. For more than a month pastMr. Morgan's health had been the subject of frequent cables,anxiety as to his condition having developed when he suffereda sharp attack of indigestion in February while traveling upthe Nile from Cairo. The severity of the attack forced hisreturn to Cairo, where, upon the advice of the physicianssummoned to attend him, he remained until Mar. 10, whenhe proceeded to Italy with the intention of resting there fora few weeks. He landed at Naples on Mar. 13, going fromthere direct to Rome. On Easter Sunday (Mar. 23) Mr.Morgan attended services at the American ProtestantEpiscopal Church in Rome, but that effort proved too greata tax on his strength, and he thereafter failed rapidly. Theseriousness of his condition was evidenced in a statementissued last Sunday night by the attending physicians in whichthey said:A week ago Mr. Morgan was persuaded to go to bed and remain there,

to conserve his strength. Until Wednesday afternoon he did very wellunder this regimen; he rested and slept without the aid of drugs and tooka satisfactory amount of nourishment.Wednesday afternoon he began to refuse food, and since then it has been

impossible to nourish him. He has lost weight and strength very rapidly.His nervous system is showing this, and it has added to the strain seriously.Mr. Morgan has not developed any organic trouble, but is so exceedingly

weak that his present condition must be considered most critical.(Signed) G. BASTIANELLI.

M. ALLEN STARR.G. A. DIXON.

From the Wednesday preceding his death until his demiseon Monday Mr. Morgan had been in a semi-comatose con-dition. As he had been unable to swallow for the five days,it had been necessary to administer nourishment artificially,and injections to strengthen his heart were also resorted to.On Sunday night, however, when he ceased to assimilate thenourishment, his death became a question of hours,and occurred on Monday at 12:05 p. m., or 6:15 a. m. NewYork time. Mr. Morgan left New York for the Mediter-ranean on Jan. 7, accompanied by his daughter, Mrs.Herbert L. Satterlee, who, with Mr. Satterlee, was withhim when he died.Mr. Morgan's health at the time of his departure was not

all that could be desired; only a short time before he was sub-jected by the Pujo "money trust" committee to a lengthyexamination which occupied a considerable part of two days(Dec. 19 and 20), and to that inquisition Dr. M. Allen Starrof New York, one of the physicians attending him duringhis last hours, attributes his collapse. Supplementing thestatement issued by the physicians last Sunday, and quotedabove, another statement regarding Mr. Morgan's illness wasgiven out by them on Wednesday as follows:When Mr. Morgan left New York he was a very tired man, physically

and mentally. Digestion and nutrition were impaired. It was hopedthatihis usual trip to Egypt would be of great benefit, giving him rest and


APR. 5 1913.1 THE CHRONICLE 987•

building up the nervous force, especially as he had no organic disease.His appetite, however, failed, and consequently his strength and weightdid not improve.Mr. Morgan contracted a severe cold while in Egypt, which further

weakened him. A state of mental depression and feebleness developed.He arrived at Cairo in a very run-down condition, but during the threeweeks in Cairo he improved mentally and physically, his powers of concen-tration and memory showing no impairment. The trip to Rome did notfatigue him and he continued to gain slowly for ten days.A week before his death his strength began to fail. He was put to bed

on Wednesday afternoon (March 26). He became delirious, and extremeexhaustion followed. This continued until Sunday evening, when hepassed into a state of coma. He died at 12:05 p. m. on Monday.The news of Mr. Morgan's death was received here on

Monday before the opening of the Stock Exchange; it had,however, no unwonted effect upon the market. An airof mourning has pervaded the financial district since the re-ceipt of advices of Mr. Morgan's death, the entire localitybeing shrouded in flags at half-mast. Action upon the deathof the late banker was at once taken by the GoverningCommittee of the Stock Exchange at a special meeting onMonday when a tribute was paid him in the following resolu-tion:

Resolved, That the death of John Pierpont Morgan has removed fromAmerica's large creative activities its most conspicuously useful figure.To the development of the resources of our country he has contributedmore than any other man of our day. His immense constructive geniuswas devoted not merely to American finance and industry, but to the widefield of philanthropy and humanity. The whole world has lost a wisecounsellor and a helpful friend.

Resolved, That a copy of these resolutions be engrossed and sent to Mr.Morgan's family with the sincere sympathy of the members of this Ex-change.

The above is one of countless tributes offered in his memorypublicly through the press and privately; and they have comenot alone from every section of the United States, but fromall parts of the world, attesting the international fameachieved by the late magnate. As a power in the financialworld Mr. Morgan has never had, and probably never willhave, a peer in the United States; to his extraordinary abilityas a financier must be credited, as to no other one man,'the financial and industrial development of the country, andhis judgment in the handling of affairs during critical periodsin the country's history had long since earned for him aworld-wide reputation as a leader.Mr. Morgan at the time of his death was seventy-six years

old; he was born in Hartford, Conn., on April 17 1837 andwas the son of a banker—the late Junius Spencer Morgan,who in 1864 succeeded to the senior partnership of GeorgePeabody & Co. of London, of which firm he had been amember since 1854. Upon becoming its head, the elder Mr.Morgan changed the firm name to J. S. Morgan & Co., thistitle being retained until 1910, when it became Morgan,Grenfell & Co. J. P. Morgan, after leaving the University ofGottingen in Germany, in 1857, became a clerk in the NewYork banking firm of Duncan, Sherman & Co., and threeyears later was appointed American agent for the firm inwhich his father was interested. With his father's backing,J. P. Morgan started in partnership with Charles H. Dabneyin 1864, when the firm of Dabney, Morgan & Co. was formed.With the dissolution of this partnership in 1871 Mr. Morganaffiliated himself with the Drexels of Philadelphia and es-tablished in New York the firm of Drexel, Morgan & Co.,thepartners in which were Mr. Morgan, Joseph W. Drexel andJ. N. Robinson; the partners in the Philadelphia house ofDrexel & Co. at that time were F. A. Drexel, A. J. Drexeland J. H. Wright. Following the death of Anthony J.Drexel, the name of the New York house was changed inDecember 1894 to J. P. Morgan & Co., the Philadelphia firmbeing continued under the name of Drexel & Co.; the member-ship of the two firms was identical, being made up of Mr.Morgan, George C. Thomas, George S. Bowdoin, Edward T.Stotesbury, Charles H. Coster, Robert Bacon, James W.Paul Jr., J. Pierpont Morgan Jr., Temple Bowdoin andEdward M. Robinson. The Paris house of these interests,which had theretofore operated under the name of Drexel,Harjes & Co., was changed to Morgan, Harjes & Co. at thetime of the adoption of the name of J. P. Morgan & Co. bythe New York house.On Monday after the announcement of Mr. Morgan's

death a statement emanating from the Wall Street office ofthe firm said that "in answer to the many inquiries received,J. P. Morgan & Co. state that Mr. Morgan's death willoccasion no change in the firm—that is, his interests willremain and the business be conducted as heretofore". WithMr. Morgan's son, J. Pierpont Morgan Jr., the partners inthe firm are Edward T. Stotesbury, Charles Steele, Henry P.Davison, Temple Bowdoin, Arthur E. Newbold, Wm.Pierson Hamilton, William H. Porter, Thomas W. Lamontand Horatio G. Lloyd. A notice of Mr. Morgan's deathremained posted on the doors of the firm's building all week

up to Thursday, its offices being closed to all business duringthat time except that most urgent. Mr. Morgan's deathoccurs on the eve of the demolition of the building occupiedby the firm at Wall and Broad streets, which was erected in1872 for the original firm of Drexel, Morgan & Co. Amodern structure is to be erected on the site. 41),Mr. Morgan was pre-eminent as a collector of art objects,

his search for valuable pictures, tapestries, ivories, sculp-ture, porcelains, jewels and other treasures which he gatheredin the Old World, having been continuous through a longseries of years. In addition to those which he retained inhis home and library, a vast number has been given to theMetropolitan Museum of Art, besides which a number havebeen loaned to it. Mr. Morgan was President of theMuseum at the time of his death, and at Tuesday's meetingof the Trustees the esteem in which he was held was ex-pressed in the following resolution.The trustees of the Metropolitan Museum of Art have received, with

profound regret, the sad tidings of the decease of their distinguished Presi-dent and fellow-trustee, J. Pierpont Morgan. He had been deeply inter-ested in the project of the Museum from its inception, and had been con-nected with it ever since its organization, beginning as a patron in 1871,becoming a trustee in 1888 and being elected President in 1904. At alltimes he was one of the most active and munificent benefactors, takinga most broad and liberal view of its relations to the city and country andof the high places which it ought to occupy among institutions of art theworld over. His devotion to the welfare and true interrest,s of the Museumwas unceasing, and for many years hardly a meeting of the board of trusteestook place at which some rich and valued gift from him to the Museumwas not announced.

Mr. Morgan also gave freely to charitable and philanthropicinterests.

Brief funeral services were held in Rome on Wednesdaythe 2nd inst., after which the body was conveyed to Havre,(where it was received with French military honors), andborne to the steamer La France, which leaves for NewYork to-day (Saturday). In addition to his son, Mr. Morganis survived by his wife and three daughters, Mrs. Satterlee,Mrs. William Pierson Hamilton and Miss Anne Morgan.At a memorial meeting of the New York Chamber of

Commerce on Thursday, when its regular monthly calendarwas suspended until April 10, Joseph H. Choate, SenatorElihu Root, President John Claflin, and others equally wellknown, joined in eulogizing Mr. Morgan. The late financierhad been a member of the Chamber for fifty years and forfour terms one of its Vice-Presidents. The meeting wasmarked by an exceptionally large attendance, and probablyno more representative body of bankers and business menwas ever before gathered together to pay tribute to onefrom the civilian ranks of *life. All the members of Mr.Morgan's firm were present except his son. PresidentClaflin opened the meeting, and in laudation of Mr. Morganmade the following remarks:The greatest financier of his time, the man who above any other com-

bined and embodied the American ideals of enterprise and integrity andcourage, has gone from our earthly activities. Like the founders of this na-tion, Mr. Morgan had prophetic vision; like them he believed in this coun-try and in its future; like them he was an organizer of scattered possibili-ties and a builder of mighty structures such as no man had built before.Those opposed to him questioned his motives, belittled his achieve-

ments, and at times even strove to make his deeds of beneficence appearacts of rapacity and selfishness. The panic year of 1907 furnishes an ex-ample with which we are all familiar. It is well-nigh impossible for thiscommunity to exaggerate the debt it owes to Mr. Morgan for his splendidservices to public and private credit then; yet sensational criticism has oftencharged him with promoting the panic for his own ends. Happily, thestory is plain and open, and history will make it evident that he laboredassiduously for months to stem the rising tide of distrust and, when finallyit became a wild flood of fear and threatened to demolish all enterprise.by an exhibition of master will and leadership unparalleled in the annals offinance, he rallied other strong men to his side to join in untiring and con-stant work until their combined efforts had stayed the rush of destruction.

Mr. Choate, in praise of Mr. Morgan's character, spoke inpart as follows:When Mr. Morgan, in that examination at Washington to which Mr.

Root has referred, to which he looked forward with so much dread, and fromwhich he emerged with so much glory, when he said that "character is thetrue secret of all success in life," he wrote his own epitaph and told in oneshort sentence the whole story of his life. This innate, pure, high, unselfishcharacter seemed to be inherent and transmissible in the noble stock fromwhich he sprang.It is only once in a generation that such a mind is born in such a body;

and Mr. Morgan made the very best use of it from his first entrace into the

banking house in 1857 until he died in 1913. And then he had certain other

qualities which all may hope to have, but which he developed in a wonder-

ful degree; and I should say that the first one was loyalty—loyalty to his

country, loyalty to all his associates, loyalty to every enterprise in which hehad engaged, and, above all, loyalty to himself—to his noble conscience

and the great character of which he was the owner.

We also quote from Senator Root's remarks voicing theesteem in which Mr. Morgan was held, the following:

During his active life as a banker the most amazing development of

wealth, of capacity for production, of commercial intercourse, of interchange

among the nations of men, of transition from individual activity to the tre-

mendous power of organization, the utilization of discovery and of invention;

the power of leadership—all transformed the world of industry and of com-

merce and are transforming the social life of the world. The transactions

of the day would have been_impossibleLdreams half a century ago.


988 THE CHRONICLE [VOL.

• And this, our friend, whom we honor and mourn to-day, was the first,the commanding and controlling figure above all other men in this amazingmovement of the forces of civilization. First among all in our own coun-try, emerging from its provincialism to its place in the great world of financeand industry, and then, by gradual recognition of his position hero and itsworld influence, first In the world, the great, the greatest of bankers, thegreatest organizer of production, the greatest master of commerce of theworld in the mightiest epoch of power applied to finance, to production andto commerce. * * *He carried in his affairs the supreme capital of character, as was shown

under stress of excitement in the Pub:. investigation. To the wondermentand confusion of smaller minds who had been thinking upon a lower planethan ho stood upon, he illustrated this great truth.So he found the railroad system of this country the inheritor of the fruits

of fraud and rapacity. Railroads that had been bled by their builders andmanagers all over the country he reconstructed upon the basis of absoluteIntegrity, so that faith took the place of distrust and consternation. * * *Mr. Morgan played no game of chance, he acquired no fortunes by

deceit or over-reaching or unfair advantage. He took from no man, buthe acquired a great fortune by making the prosperity of many and by tak-ing his fair and just share of the prosperity that he created. The scopeof his enterprise gave him a relation to public affairs that was unexamplednot only in our own country but I think in any country.There were so many investors in so many enterprises whom his chivalric

sense of honor led him to desire to protect that the financial condition ofthe country was a matter of immediate interest to him, and he took theplace that Government should have taken many and many a time. Thefaults of our financial system, made possible by the incapacity Of lawmakersto reconcile confidence and knowledge ho remedied from time to time asoccasion arose by his own tremendous power, and that was government.

Ex-Mayor Seth Low and Robert W. de Forest, directorof the Metropolitan Museum of Art, also paid honor to Mr.Morgan's memory, and the following resolutions, presentedby Frank A. Vanderlip, President of the National City Bank,were adopted at the meeting:We have lost a leader. Our country has lost a noble citizen. Other

countries, too, are mourning the passing of a great hearted man, a privatecitizen whose high character and dominant personality made a world-wideimpression, and whose loss has caused world-wide sorrow.The death of John Pierpont Morgan brings us together to-day to give

expression to the grief of a whole nation. It is fitting that we should

inscribe upon our tablets for posterity a lasting tribute to his name and ourreverent and affectionate memory of his character and noble qualities.The responsibilities of great power rested long upon his shoulders.

Rarely, if ever, has a private citizen swayed such power; but in a true senseit was not the power of a private citizen—it was the delegated authority

of an international constituency that trusted him and by their franchises

freely selected him as their representatives and trustee.He commanded because he was endowed through nobility of character

.with the right to command. He was strong because he ever saw in power

only the opportunity for right doing. lie was trusted with vast adminis-tration because pre-eminently he recognized fully the high responsibilityof trusteeship.lie was a leader of men because in him men saw right-mindedness,

purity of purpose, groat courage, breadth of vision, wise optimism, andalways a relation to his associates and to society that subordinated self-interest and emphasized his desire to be of service.

Let the career of this man, the position he attained, the influence hewielded, stand ever as a refutation of the thought that business is withoutsentiment. His great power over men had its roots in sympathy. It

was a quality of spirit that gave him the power and dominance which he so

rightfully maintained.His was not a leadership of cold intellect, but of high character, of

inflexible trustworthiness, of broad sympathies, of a desire always to up-

build and develop and to be of service in the largest measure to his com-munity, to his country and to many countries—for he was truly a citizenof the world; be it, therefore.

Resolved, That the Chamber of Commerce of the State of New Yorkdirects that there be placed upon its records its sentiments of deep reverencefor the memory of John Plerpont Morgan, man of character; its enduringappreciation of the dominant force for good which he wielded through along life of masterful endeavor and far-reaching accomplishment; and beIt further.

Resolved, That a copy of these resolutions be suitably engrossed andsent to the family, and that the entire proceedings of this meeting be com-piled in a memorial volume.

The directors of the National Bank of Commerce in NewYork on Thursday adopted resolutions in memory of Mr.Morgan. From 1875 to 1910 Mr. Morgan had been a direc-tor of the institution and he had also formerly been itsVice-President from 1893 to 1904.—A ten days holiday throughout the flooded district of

Ohio was declared by Gov. Cox on March 27, on behalf ofthe financial institutions in the locality affected which mightbe handicapped in caring for maturing notes and paper.In answer to a query of the Cincinnati Clearing HouseAssociation, Gov. Cox states that that city comes within themeaning of the flooded district. It was reported from Zanes-ville, on the 3rd inst., that the banks there had resumedbusiness on that day after a week's suspension due to thedisastrous floods. Extended reference to these floods andthe tornadoes suffered in the West appeared in the "Stateand City Department" of our issue of Saturday last andfurther reference to the subject is made in that departmentthe present week.—A. J. Hemphill, President of the Guaranty Trust Co. of

New York, returned this week from a trip of a month ormore to the Pacific Coast. Mr. Hemphill said that he didnot encounter any trouble as a result of the floods until hereached Kansas City: His long experience as a railroadman and his observations on the way home led .him to be-lieve that the estimates of damage to property in Dayton,Omaha and the flood centres has been greatly exaggerated.

He is equally confident that the losses of the railroads willnot be anywhere near as large as has been reported.

—John Burke, formerly Governor of North Dakota, onthe 1st inst. took the oath of office as Treasurer of the UnitedStates, succeeding Carmi A. Thompson. The latter turnsover to the incoming Treasurer $1,426,422,051. It is statedthat the practice of counting, piece by piece, the money heldin the vaults will not be followed in the present instance,the cash being counted this time by packages. As Mr.Thompson, who succeeded Lee McClung, held the officeonly since the latter part of November, it is but a short timesince a detailed count was made.—Walter H. Page, of Garden City, Long Island, Editor

of "The World's Work", has accepted the appointment asAmerican Ambassador to Great Britain to succeed the lateWhitelaw Reid. Both Richard Olney of Boston, who wasSecretary of State under President Cleveland, and Dr.Charles W. Eliot, President emeritus of Harvard, had beentendered the post during the past month by President Wilsonbut had declined the offer. Mr. Page is a member of thepublishing firm of Doubleday, Page & Co. He was formerlyeditor of "The Forum" and of the "Atlantic Monthly".He is a native of North Carolina and is fifty-eight years ofage.—The appropriations of the last session of Congress, in-

cluding those under the Sundry Civil and Indian bills, aggregated $1,098,647,960. While these appropriation figures ofChairman John J. Fitzgerald of the House AppropriationsCommittee were agreed to by Joseph G. Cannon, the Re-publican leader of the Committee, the latter pointed outthat with the additional sum of $76,956,174, representingcontracts authotized or public works provided for involvingfurther and ultimate expenditures, the grand total of obliga-tions against the National Treasury is $1,175,604,134. Theappropriations of $1,098,647,960 for the late session comparewith $1,019,412,711 for the previous session. According toChairman Fitzgerald, "the increase in the total of appropria-tions is due to many causes. The continued growth anddevelopment of the country, the increased activity of manyservices of the Federal Government, and the constantpressure to divert to the Federal Treasury burdens whichproperly belong elsewhere, are all facts which tend moreor less legitimately to increase the cost of the Federal Govern-ment." In presenting $1,175,604,134 as the total of thenation's obligations, Mr. Cannon took occasion to remarkthat "all performances of Republican Houses pale intoutter insignificance when placed in contrast with what theDemocratic House of Representatives of the Sixty-secondCongress has accomplished in emptying the Treasury andpiling up obligations against revenues to be derived by directtaxation and from revenues or free trade tariff laws for whichthe new Administration stands committed and solemnlypledged." In the statement submitted by Mr. Cannon thegrand total appropriations and contracts of the Sixty-secondCongress reach $2,238,470,990—this representing the com-bined figures of $1,175,604,134 for the fiscal year 1914 and$1,062,866,856 for the fiscal year 1913. For the Sixty-firstCongress a total of $2,151,610,941 is shown, made up of$1,097,628,437 for the fiscal year 1912 and $1,053,982,504for the fiscal year 1911.

—Instructions to the American diplomatic officers inEurope to secure courtesies from the foreign governments forthe American commission which is to visit Europe this springunder the auspices of the Southern Commercial Congress toinvestigate rural credit systems were issued on March 17by Secretary of State William Jennings Bryan. Beforeleaving office Secretary Knox gave the State Department'sapproval to the rural credit investigation but since that timethe American commission has received approval by Congressand President Wilson, which gives it a semi-official status.In his instructions Secretary Bryan points out that Congresshas appropriated $25,000 for the expenses of the com-missioners appointed by President Wilson to co-operatewith the American commission. The appointees of PresidentWilson are Senators Duncan U. Fletcher and Thomas P.Gore; Ralph W. Moss of Indiana; Col. Harvey Jordan ofGeorgia; Dr. John Lee Coulter of Minnesota; Dr. KenyonL. Butterfield of Massachusetts and Clarence J. Owen ofMaryland. No salaries will be paid to these commissioners.Congress also passed a joint resolution directing the Secretaryof State "to bespeak for the proposed American commission

the diplomatic courtesies of the various European govern-

ments." In carrying out these directions Secretary Bryan

has instructed the American ambassadors in Europe to secure


APR. 5 1913.1 THE CHRONICLE 989

for the commission "such courtesies and assistance in the

line of its endeavors as it may be possible to obtain," and

adds, "it will be seen that by this joint resolution the com-mission, under the direction of the Southern Commercial

Congress, is given semi-official standing."There now exists a committee of nine governors of

States to consider legislation necessary for the organization

of co-operative credit and other associations. This com-

mittee, as well as the Federal Congress, will receive thereport of the National Commission, and it appears now thatnext fall a nation-wide campaign will be waged in the interestof the co-operative movement among American farmers as ameans to increase agricultural production and lower thecost of living.

—As a matter of record we give herewith the responsemade by Franklin MacVeagh (before his withdrawal asSecretary of the Treasury) to the Senate resolution of Febru-ary 11 which called for information as to his authority indirecting that accounts of Federal officers be made payableby national banks as well as by the Treasury and Sub-Treasuries. Secretary McAdoo announced last week (on March26th) that a fair trial would be given the new system.

TREASURY DEPARTMENT.Office of the Secretary.

Washington, February 211913.The President of the Senate.

Sir:-133, direction of the President, I have the honor to make reply to

the inquiry contained in the resolution of the Senate agreed to Febru-

ary 11 1913, concerning the order which wont into effect on February 1,directing certain changes in the methods of handling the receipts anddisbursements of the Government.

Before the establishment of the national banking system in 1863, theGovernment's fiscal machinery consisted principally of the Treasury and

the Sub-Treasuries. A predominating feature of this system, still in partprevailing, is that it requires the use of money as distinguished from

checks in the daily fiscal operations of the Government; that is to say,an Assistant Treasurer can only issue certificates of deposit to collectionofficers upon the receipt of currency—can only accept their collections inactual money; and checks drawn on the Sub-Treasuries are paid in actualmoney.The National Bank Act (Sec. 5153, Rev. Stat.) provided that all national

banks, when designated as depositaries by the Secretary of the Treasury,shall be the financial agents of the Government; and in them may bedeposited the revenues "except receipts from customs". So that since

1863 all revenues except from customs could be and mainly have been

deposited in banks like the funds of private persons, and those of State,

municipal and other governments. Congress removed the restriction

as to customs by an Act approved March 4 1907, entitled "An Act to

amend the National Bank Act and for other purposes" and thus abolished

an exception that had ceased to have any use and had become a mere

survival. Under the above provision of the National Bank Act it has been

the practice for many years to have the banks receive internal-revenuetaxes and transmit them to the Sub-Treasuries. In the year 1870—inorder to meet the public convenience and to conform to general businesscustoms—collectors of internal revenue began to take checks in paymentof internal revenue; but did so at their personal risk. When, at the re-quest of the Treasury Department, this form of payment was made legal bythe Act of March 2 1911, the practice had already become universal as tointernal revenue. Up to that time, however, customs payments werestill made in currency—though some practical mitigations of this cumber-some practice had in the course of the years been introduced. Since thepassage of the Act of 1911, both customs and internal revenue are paid bycheck. But, as stated, notwithstanding the present legal practice of

receiving checks in payment of customs and internal revenue, these checks

must be cashed before the proceeds can be deposited in the Sub-Treas-uries. In all Sub-Treasury cities except Cincinnati and Philadelphia,this is done through the agency of the clearing house.As the daily payments of the Government are practically equal to its

daily income, the desirability of a method whereby the receipts and pay-ments shall clear each other is apparent; and the method to be completeshould bring about this clearing before the point is reached of convertingthe checks into currency in the Sub-Treasuries. The now plan, regardingwhich the Senate has made inquiry, is designed to accomplish this result,and will accomplish it as a matter of course.

Its operation cannot result in an automatic accumulation of Governmentfunds in national-bank depositaries, for there are the restrictive regulationswhich are applied under Section 5153 of the Revised Statutes to nationalbanks holding Government funds. Under these restrictions every national-bank depositary is required to have on deposit with the Treasurer of theUnited States security in the form of bonds to the full amount of theauthorized balance the Government has with the bank. I say authorizedbalance, because the limit of the deposits in each bank is fixed by theTreasury Department and usually continues at one amount for a con-siderable time; and under the new plan these strictly limited amounts,secured by bonds, will be dependent upon the amount of the daily busi-ness done by the bank for the Government. With special exceptions, thesebonds have been either Government bonds or bonds for which the Govern-ment is financially responsible. The bank is permitted to hold the amountof its authorized deposit with which to transact the Government's busi-ness, but must transfer immediately all amounts in excess of this author-ized balance from whatever source received. The department directsthese transfers under standing instructions to the points where funds areneeded for payments. Under this system the depositary banks have foryears handled the entire income from internal revenue without any accumu-lation of funds in the banks in excess of their authorized balances. Lastyear internal-revenue receipts exceeded the income from customs, amount-ing to $321,612,199.

Under the new plan customs receipts are to be handled in the samemanner as tho internal revenues—under the excellent and progressive lawof March 4 1907; and, of course, with the restrictions and limitations onthe banks unchanged.

Moreover, in times like the present, when the Government's incomeand outgo practically offset each other, it is hardly necessary to take seri-ously the fear that the deposits in New York banks will be increased byhundreds of millions. Beforenroursan deposit hundreds of millions youmust have the money.

Why this law of 1907 was not availed of at once I do not know. I author-ized the preparation of plans to put it into effect as soon as I heard of it,which was about September 1 of last year.Instead of the authorized balances held by banks being more or lees

inactive as they have been in the past, a feature of the new plan providesthat the banks shall pay the checks of disbursing officers which are nowdrawn on the Treasurer of the United States instead of on the banks orSub-Treasuries and charge the same to the account of the Treasurer, inwhose name the funds in the bank are 'deposited. Section 3593 of theRevised Statutes provides that " all public moneys paid into any de-positary shall be subject to the draft of the Treasurer of the United States.drawn agreeably to appropriations made by law." Section 3620 of theRevised Statutes authorizes disbursing officers to keep their accountswith the Treasurer of the United States and with Assistant Treasurers.The accounts or credits of all disbursing officers have accordingly nowbeen placed with the Treasurer of the United States, as authorized. Nobalances are held in any banks to the credit of disbursing officers; but alGovernment moneys in the banks are to the credit of the Treasurer of theUnited States. This feature of the new plan makes it possible for thefirst time for the Treasury to have a far more exact daily knowledge of thefinancial accounts of the Government; for against the credit given eachdisbursing officer with the Treasurer of the United States is charged thechecks drawn by the disbursing officer and paid by the depositary banksand Sub-Treasuries and sent daily to the Treasury. The banks makingthese payments for the Government out of their authorized balance arefurnished daily with Governenent deposits sufficient to restore the balanceto its fixed amount. In this way, as previously stated, the daily incomewill in the banks meet and clear the daily expenses of the Government,and only the excess of income over disbursements will be deposited incurrency with the Sub-Treasuries.Another advantage of the new plan which is of peculiar importance is

the added convenience to the creditors of the Government. Checks drawnon the Treasurer of the United States are now good at par wherever theymay be presented, since any depositary will pay them. Particularly willthis benefit pensioners. Heretofore in a great many cases exchange hasbeen charged pensioners by banks in cashing their checks because theywere payable only at Sub-Treasuries or at the Treasury. The new plan forpension payments, approved by Congress August 17 1912, became effectiveFebruary 1 and was the controlling reason for fixing that date for makingthe entire change.The purpose, therefore, of the new system is to so handle the Government's

ncomo as to meet its payments with the same convenience to its creditorsand with the same par values that are customary in the best regulatedprivate business, and so that only the excess of Government receipts shallfind its way into the Treasury or Sub-Treasuries.One of the necessary requirements of the plan is the distribution of tha

revenues to the banks in just the proper amounts to keep their authorizedbalances filled. Another requirement of the plan is to make those author-ized balances suited to the amount and character of the business done;that is to say, to give them funds just in proportion to the payments they

make for the Government. Up to the present time, under the new system,the bank balances have still been replenished by transfers direct from theSub-Treasuries. The feature of depositing customs receipts direct withthe banks—which has not yet been begun in the Sub-Treasury cities andis, therefore, not yet in full operation—will obviate much of the necessityfor those transfers. These deposits, however, will not exceed the paymentsmade by the banks.It may be stated that in the brief trial the new plan has had, it is working

satisfactorily. The department has found itself able to handle the accountsand take care of all the disbursements throughout the country withoutserious hitch. Of course, in making such a comprehensive change, it mustbe expected that there will be details to adjust, all of which require a little

time. Meanwhile the banks throughout the country have co-operated

cordially.The necessity under the new plan of having additional depositary banks

in tho Sub-Treasury cities made necessary an adjustment of the bankaccounts in general. This resulted in net increased deposits being madeamounting too total of $363,000. While no depositaries were discontinued,there has been ordered withdrawn from existing depositaries a total of$6,090,000; there has been added in new depositaries $6,453,000, making,as stated, a total increase in banks of 9363,000. Of this sum $4,963,000has been placed in the nine Sub-Treasury cities. The total amount inbanks is approximately $50,000,000; but. as the reductions ordered are totake place on March 1, this amount will be cut down to approximately$46,000,000 at that time. Security has been required to the full amountof the deposits, consisting of United States bonds, District of Columbia,Porto Rico, Hawaiian, Philippine, Philippine Railway and Manila Railwaybonds. No interest is or ever has been charged on these deposits, as theyconstitute the active accounts of the Government upon which no interestcharge is contemplated by law.In making new depositaries it has been specified to each that the balances

would be adjusted from time to time to meet the Government needs.The total payments made by the Sub-Treasuries during the last fisca

year, which indicates also the amount of disbursing officers' accountsduring that time, is as follows:Baltimore $14,781,76003 New York $276,038,159 92Boston 32,636,655 40 Philadelphia 34,702,796 95Chicago 49,946.1.5002 San Francisco 43,436,595 97Cincinnati 18,923,771 38 St. Louis 33.890,565 62New Orleans 16.841,291 95 Washington 81,854,121 97

Total $603,051,869 21There is transmitted a list of the depositary banks with their balances

on December 31; a list of the depositaries added on account of the newsystem; and the amount of their balances; and a list of the banks holdinginactive accounts upon which interest is paid to the Government. Thepostal savings funds are handled by the Post Office Department, and thatfeature of the resolution has been referred to the Postmaster General.

Respectfully,FRANKLIN MAC VEAGH.

Secretary.

—The following letter is self-explanatory:Boston, Massachusetts.

Editor Commercial and Financial Chronicle—In your issue of March 1 you quote from an article on currency reform,

written by Edgar II. Scnsenich, in which he says that there should be someinstitution to which a banker should be able to take the approved notesof his customers and secure currency for them, but that, "only the Govern-ment, or some great organization under Government supervision or control,will meet such a requirement."

Now a central banking institution performing functions similar to thoseof the central banks of Europe is unquestionably a desideratum, but WUnot true that such an institution is the only one that could be safely entrustedwith the authority to issue credit currency.The fundamental consideration which must be constantly borne in mind

In this connection is that there is no essential difference between a bank-


990 THE CHRONICLE [VOL. xcvr.note credit and a bank-book credit, for each is simply and solely a depositpayable on demand. The bank note, like the check, is nothing but apotential demand upon the cash reserve of the bank upon which it isa liability, and, consequently, it is immaterial to the banker whether thecredit which he grants assume the form of notes or of checks. The integrityof the two instruments is solely dependent upon the maintenance of a cashreserve, which experience has shown to be necessary to provide for theliquidation of demand liabilities.Once this point is fully grasped, it will be seen thaCthere is no valid

reason why any bank should not be permitted to issue currency with the41same freedom as it is permitted to grant bank-book credits. Inflation isno more possible in one case than in the other, so long as the banks areunder the constant obligation of maintaining an adequate cash reserve.Whatever objection applies to the employment of the one form of creditapplies with equal force to the employment of the other. If it is not safeto allow a bank to issue its notes, it is not safe to allow it to grant credit inthe form of deposit liabilities subject to check.;If there still be some doubts, however, as to the soundness of this theory,

it will be effectually removed by a study of the history of banking develop-ment and, more especially, of the justly famous Suffolk bank systemof New England. Despite the fact that it operated in six States, there wereno laws governing the amount of notes which could be issued, nor evenproviding for their redemption in coin. Indeed, there was no law whichrequired a bank to have a bona fide capital. Moreover, of the 306 banksin the system in 1848, no fewer than 159 possessed an average capital ofless than $100,000. It might be added, too, that all this was in the daysbefore the telephone and telegraph. Surely, then, the issuance of creditcurrency would here be attended with the greatest danger. As a matterof fact, however, the credit currency which was issued under the Suffolkbank system between 1840 and 1860 was admittedly the most perfect inexistence. Notwithstanding the extraordinary absence of legal restraints,the redemption of circulation went constantly forward at the SuffolkBank in Boston, with the result that there was never any excess of notes inany part of the six Now England States, the notes invariably commandedtheir full face value, and it is estimated that a tax of ono-eighth of oneper cent on all the notes in circulation would have paid the notes of all thebanks which failed during the twenty years of the system's operation.Were all the national banks to-day to be authorized to issue asset cur-

rency, wisdom would undoubtedly dictate the placing of certain limitationupon the amount which could be issued and the imposition of a tax, which,though trivial in itself, would provide a fund sufficient for the immediateredemption of the outstanding notes of failed banks. But the importantpoint is that the issuance of credit currency is by no means a functionwhich must be assumed necessarily by one large financial institution.

Respectfully yours.L. L. McL.

—An investigation into charges of extortion made againstSenator Stephen J. Stilwell of the New York Legislature isto be undertaken next week by the Judiciary Committeeof the Senate. The charges against Senator Stilwell havebeen preferred by George H. Kendall, President of theNew York Bank Note Co., who alleges that the Senatordemanded that a payment of $500 each be made to fourmembers of the Senate Codes Committee and $1,500 tomembers of the Assembly Codes Committee to effect the pas-sage of the bill which makes it a misdemeanor for any associa-tion or corporation dealing in stocks or secueties to refuseto place any stock or security on its list on the ground thatthe certificates were not engraved or printed by any par-ticular firm or corporation. The bill is designed to preventthe New York Stock Exchange from discriminating againstthe New York Bank Note Co. Mr. Kendall also chargedthat $250 was paid to Samuel Lewis Jr., a clerk in the SenateRevision Committee, for drawing up the bill. After theallegations were presented to Governor Sulzer by Mr. Ken-dall the resignation of Senator Stilwell was requested by theGovernor, on Tuesday, the 1st inst. Mr. Stilwell, however,refused to tender his resignation and asked for a full in-vestigation of the charges. Mr. Lewis's resignation wasasked for and tendered during the week. The bill in ques-tion was introduced by Senator Stilwell on February 27 andreported by the Senate Codes Committee on March 27.It was introduced in the Assembly by Assemblyman Knott onMarch 10, and on Monday night of this week was advancedto the order of third reading. The Judiciary Committee,before which Senator Stilwell will be tried, will merely hearthe testimony in the case and transmit the facts to theSenate for decision. Pending the investigation the SenatorM.regigned as a member of the Judiciary Committee andhas been excused from attending the sessions of the Senate.—The bill designed to prevent brokers from doing business

after insolvency, and also prohibiting the hypothecating ofcustomers' securities, was passed by the Senate at Albanyon the 1st inst. The bill passed the Assembly on March 25.—The bill prohibiting the Stock Exchange from preventing

Its members from dealing with members of other exchanges,which passed the Assembly on the.25th ult., was favorablyreported by the Senate Codes Committee on the 2nd instt—Despite the objections voiced against the Jackson "Full

Crew" bill, at the hearing last Saturday, Governor Sulzerof New York signed the bill on March 31. A similar measurepassed by the New Jersey Legislature, and known as theEgan "Full Crew" bill, was signed by Governor Fielder onthe 1st inst. The New York bill requires trains of more than25 cars to carry, in addition to the engineer, fireman and con-

ductor, at least three brakemen; trains, not freight, of morethan five cars to carry at least two brakemen, and a passengertrain with a baggage car to carry not less than two brakemen.Violation of the law, which goes into effect September 1, willrender the railroad company liable to a fine of not less than$100 and not more than $500 for each separate offense.A "full crew" law is already in operation in Pennsylvania.

In a public argument against the New York and New Jerseybills submitted, preliminary to their approval, by the Presi-dents of the various roads affected by the legislation, it wasstated that "an absolute waste of $2,000,000 per annum inNew York and of $500,000 per annum in New Jersey willresult if these bills are enacted into laws. This money mustbe provided by the public in payment of freight and passengercharges. It must be charged out Of the running expensesof the railroads and prevents to just this extent real improve-ments, such as removal of grade crossings, signals and othermeasures, which add to the comfort and safety of the public".This protest emanated from Presidents Samuel Rea of thePennsylvania; W. C. Brown of the New York Central;C. S. Mellen of the New England Lines; W. H. Truesdale ofthe Delaware Lackaware & Western; E. B. Thomas of theLehigh Valley; Ralph Peters of the Long Island, and L. F.Loree of the Delaware & Hudson. There was furthermoreaddressed to Governor Sulzer an open letter, signed by theforegoing and in addition by President Underwood of theErie and President Noonan of the Buffalo Rochester & Pitts-burgh, in which they said:The following railroad companies, representing substantially all the mile-

age of the State, who oppose the said bill because it arbitrarily fixes by stat-ute the number of employees on each train, without considering actual oper-ating conditions, believing that the decision of this important question shouldbe left to the Public Service Commissions (who, as we are advised by counselnow have the power to make this decision, and have exercised that power),very respectfully request you to veto the bill. In lieu of its enactment wewill join you in requesting said Conmmissions to institute an inquiry as tothe number of trainmen necessary in their judgment to insure safe andefficient operation of all trains.. .

If those who favor the "Full Crow" bill fool that the Public ServiceCommissions have not sufficient authority to issue orders specifying thenumber of employees on trains, we will co-operate in securing the passageof an Act for that purpose.

Among various other opinions as to the uselessness of thebill, a communication from A. L. Mohler, President of theUnion Pacific RR., was also presented, this stating that"this bill has been recently defeated in Kansas, Nebraska,Colorado, Wyoming and Utah, for the reason that it pro-duced an additional tax upon the people and the railroadswithout one scintilla of benefit in the way of safety orprotection to property."A memorandum justifying his action in signing the bil

was issued by Governor Sulzer on Monday, this in partsaying:

This bill provides, in substance, that railroads running through NowYork State shall have their trains suitably manned by a sufficient numberof competent men to.prevent wrecks, protect property and conserve humanlife and limb.

It is a most important measure and I have given the subject matter care-ful consideration with a view to doing substantial justice to all concernedand promoting the greatest good for the greatest number.

Similar bills have passed the Legislature before, but did not meet withexecutive approval, because it was believed the Public Service Commissionhas power to remedy the evils of which complaint has frequently been made.

The only objection to the measure on the part of the railroads appearsto be that it will increase to some extent the cost of operation by reasonof the fact that a few more men will have to be employed on some of thetrains. The same objection could be urged with equal force to any im-provement in the method of railroad operation.My Judgment is that the conservation of human life and limb is as im-

portant to the people as a little additional expense in the operation ofthese common carriers. The State, for its own welfare, has the right todemand the employment upon railroads of every safety appliance, whethermechanical or human, in the interest of life and limb and greater safetystandards.The bill, in my opinion, is not unjust to the railroads, but a justice to

the railway employees and to the much concerned traveling public.

The publication in the New York "Times" on Tuesday of aletter said to have been written on November 3 1912 by JohnFitzgibbons, Legislative Representative of the Brotherhoodof Railroad Trainmen, in which Governor Sulzer was quotedas saying that if he were elected he would sign the "full crew"bill and would aid in securing its passage, resulted in theintroduction in the Senate on the 1st inst. of a resolutiondirecting attention to the Governor's oath that he had notmade any promise to influence the giving or withholdingof a vote; the resolution, which was presented by Elon R.Brown, and was immediately adopted by the Senate, stipu-lates that the matter be referred to the Judiciary Committeeto decide whether any action should be taken relative theretoby the Legislature. Governor Sulzer not only denies havingmade the statements attributed to him in the circular letter,but, according to the press dispatches on Thursday, ' hedeclares that Mr. Fitzgibbons assures him that the latter



never made any of the statements contained in the communi-

cation.The New Jersey "Full Crew" bill, we learn from the Jersey

City "Journal," requires a crew of six men upon freight

trains of more than 30 cars, adding another brakeman to

the crews already carried on such trains; on freight trains

of less than 30 cars the crew must comprise not less than five

men, as at present, consisting of engineer, fireman, conduc-

tor, one flagman and one brakeman. Passenger trains of notmore than three passenger cars and one baggage car shall havea crew of not less than five persons, electric trains of not morethan three passenger coaches shall carry a crew of not lessthan four men. On passenger trains of four or more pas-senger cars and one baggage car the crew must consist of sixmen, except that on electric trains of four or more passengercoaches the crew shall consist of not less than five men. TheAct does not apply to any passenger train of less than threecars.Gov. Lee Cruce of Oklahoma is reported to have vetoed

a "Full Crew" bill.

—The appointment of a commission of five which is tobe charged with the work of revising the banking law of

New York State is authorized under a bill introduced at

Albany on the 25th ult. by Senator Pollock. A recommen-

dation to this effect was contained in the report of Gov.

Sulzer's Commission of Inquiry, which was presented to the

Legislature on the 24th. At the instance of the Governoran investigation into the affairs of the failed Union Bankof Brooklyn Borough was conducted by this Commission,and its suggestion that a revision of the banking laws beundertaken is an outgrowth of that inquiry. In its report,as quoted in part in the New York "Times," the Commissionsays:In making our investigation it became evident that the failures of so

many State banking institutions resulted not only from remissness in theexecution of law by past administrations, but also from defects in the lawitself. It also appears that, while efforts had been made from time to timeto remedy these defects, the result of this desultory legislation was not sat-

isfactory, and many defects still exist.In order that the State of New York may have a clear, concise and com-

prehensive banking law adapted to present conditions of finance, we rec-

ommend that the Superintendent of Banks be authorized to appoint a

commission of five or more persons having a technical knowledge of banking

law and a practical knowledge of present banking methods to revise the

banking laws and submit to the next Legislature a complete and compre-hensive statute which will eliminate the abuses that have existed in thepast and prevent any recurrence of such conditions as led to the failureof the Union Bank of Brooklyn and other institutions. While the com-missioners themselves should serve without pay, we recommend that thesum of $50,000 be appropriated for the purpose of paying the expensesof such commission and the employment of expert assistants. If this rec-ommendation is adopted we believe that the banking law of the State ofNew York will hereafter servo as a model, not only for the future laws ofother States, but to some extent for the National Government.

A series of bills intended to correct defects in the bankinglaw pending its general revision was submitted to the Legis-lature this week.

• —Roger W. Babson, President of the Babson StatisticalOrganization, Wellesley Hills, Mass., and Vice-Presidentof the Gloucester Safe Deposit & Trust Co., the ManchesterTrust Co. and the Rockport National Bank, was entertainedon March 19 at Paris by officials of the French Government.There were twenty guests present, and the Prefect ofParis presided. Among those present were M. Y. Guyot,Minister of Public Works, and M. Lucien March, Chief ofStatistics of France. After the dinner Mr. Babson spokeof his plans for the organization of an international institutefor measuring the real growth of nations.

—The Guaranty Trust Co., of this city, will open its newbank building on the southeast corner of Broadway andLiberty Street on Monday morning. Here the companyhas erected a monumental building which will rank with thebest individual bank structures in this country. Everyphysical modern convenience which can facilitate thebanking business of its twenty-two departments has been in-stalled so as to increase the working efficiency of its entireorganization to the highest point of perfection. The ex-terior design is simple and dignified, the building rising sixfull stories—an almost unbroken granite wall from sidewalkto cornice. The facade on the Broadway and Liberty Streetsides are decorated with Ionic colonnades. The buildinghas entrances from three streets, the main entrance beingonlBroadway; another allows direct access to the bankingrooms from Cedar Street through a court adjoining the NewYork Clearing House, while from Liberty Street one entersthe:elevator lobby which serves the upper floors and throughwhich there is an entrance to the rear of the banking room.Theimain banking room is over a quarter of an acre in areaand is fifty -two feet high. It is floored with Knoxville

marble with inlaid panels of Roman mosaic of a design andcharacter not heretofore employed in this country and for

the equal of which one must go to those fragments of antiquepavements preserved in Pompeii or in the Vatican. Thewalls and columns are of Hauteville, a warm buff-coloredmarble from France. The ceiling, painted in blue, gold andmarble tones by Garnsey, supplies the only positive touchof color in the decorations of the room. Situated in thecentre of the main floor is a group of departments comprising

the "island" enclosing the loan department, paying tellers,collection department and pass-book window. From thecenter of the "island" an elevator drops to the great safe-deposit establishment in the basement. All cash handled bythe various tellers and all loan securities can be transferred

to the vault without being exposed in the public space.In the beautifully modeled marble of the counter screen

of this "island" are disks representing a selection of morethan twenty of the best Greek coins, which for beauty ofdesign and execution have not been equaled or approachedin all the centuries since. These coin designs are used in

the bronze panel of the counter screen and in the bronze

work of the vestibule and doors symbolizing banking, com-

merce and exchange. The character of the architecture

of the exterior of the building and the general banking room

is Roman,the counter screen and bronze work is Renaissance,

although four distinct designs of columns are used in the

counter screen rather than one uniform column, for the sake

of enhancing the artistic interest of the work. In other

particulars the same rule has been applied. The officers

of the company occupy platforms on either side of the main

banking room and also directly in front of the "island"

across the floor from the Broadway entrance. The first

desk on the left is occupied by President Alexander J. Hemp.

hill while Vice President Charles H. Sabin has the first

desk on the right. The bond department occupies the full

width of the rear of the banking room. On the mezzaninefloors, hid from public view, are conference rooms, also

filing department, the archives room and special room forstenographers, with private elevator connecting all depart-ments. The foreign department is located on the Cedar

St. side of the building, the coupon department in the rear,

the transfer, reorganization and registration departments

also occupy space on the second floor above the Liberty

Street side. The spacious board room is on this same floor

running across the Broadway front. There are fourteen

conference rooms besides the board room for the use of out-

of-town visitors or customers. The trust department is on

the third floor and also the commercial book-keepers and

auditing departments. The credit and publicity depart-

ments occupy adjoining offices on the sixth floor and in theentire front of this floor are the dining room and kitchens

where the employees will receive substantial luncheons

daily. On the ninth floor is the photostadt for the quickphotographic reproduction of valuable papers, etc.; also an

incinerating plant for the cremation of expired bonds and

other papers that are to be destroyed. Some other features

are: convenient drinking fountains throughout the building,

furnishing pure filtered cold water, instant communication

between distant parts of the building by means of pneumatic

tubes, a double telephone system whereby both inside andoutside connections may be made on the same telephoneat the same time, the modern ventilating system whichwashes the air, and then cools or heats it as necessary, anews bureau containing a financial library, and amplelocker rooms, etc., with shower baths in the basement.Practically every piece of furniture has been designed to

meet the requirements of the trust company's work. Thetops of the counters and many of the desks of employees

have been finished with a cork surface on which light cannot

reflect or will the surface show scratches. Cork floors have also

been used extensively in a number of the banking rooms on

the second and third floors. Down under the building in the

basement and sub-basement is the immense vault, which the

company considers the strongest in the world. It is two

stories high and contains nearly three-quarters of a mile of

lineal feet of shelf space.

—George W. Quintard, a director of the Mechanics &Metals National Bank of this city, and a trustee of the At-lantic Mutual Insurance Co., died on the 2d inst. in hisninety-first year. Mr. Quintard was formerly interestedin the Morgan Iron Works, and after disposing of that inter-est established the Quintard Iron Works, the active manage-

ment of which he relinquished a few years ago. Besidesserving on the boards of the two institutions referred to


992 THE CHRONICLE [VOL. xcvx.

ft

above, Mr. Quintard was a trustee of the Manhattan Sav-ings Institution and a director of the Manhattan Life In-surance Co.—Charles Henry Mattlage has been elected to the direc-

torate of the Fidelity Trust Co. of this city to succeed hisfather, the late Charles F. Mattlage.—The International Banking Corporation has declared a

dividend of 2M%, payable May 1 to holders of record April15, placing the stock on a 5% per annum basis. The lastsemi-annual dividend was paid on October 10, 1907, when2% was distributed.

—Joseph Byrne, Cashier of the Merchants' National Bankof this city was elected a director and Vice-President of theInstitution on the 3rd inst.

—Julius Kruttschnitt, Chairman of the Executive Com-mittee of the Southern Pacific Co. has been elected a directorof the Harriman National Bank of this city.—The State Bank of this city will open a branch at 7 West

26th Street about May 15; the new quarters will be known asits Madison Square Branch. The institution is also pre-paring to open a branch in the Bronx in the KnickerbockerBuilding, which it owns, at Westchester and Union avenuesand 158th Street.—A settlement made with the creditors of Blair Brothers

of this city, who assigned Sept. 30, at 100 cents on the dol-lar, in notes of 33 1-3% each, payable in one, two and threeyears, was confirmed by Judge Mayer of the Federal DistrictCourt on the 31st ult. The assets are to be turned over toa committee of creditors consisting of P. G. Stamm, H. C.Canavan and J. H. Burkhard. The schedules in bankruptcyfiled in November showed liabilities of $135,667 and nominalassets of $63,834.—Group No. 7 of the New York State Bankers' Associa-

tion, which includes bank officials in Brooklyn and LongIsland, will hold its annual dinner on the 19th of this monthat the Hotel Astor.—Stephen M. Clement, President of the Marine National

Bank of Buffalo, N. Y., died at Atlantic City on March 26,after nearly two years' illness. Mr. Clement, who had re-cently gone to the New Jersey resort in the hope of bene-fiting his health, suffered from acute heart trouble, with whichhe had been stricken in July 1911. It was on account of hisimpaired health that a large portion of his holdings in thebank were taken over last January by Seymour H. Knox,Vice-President of the Columbia National Bank of Buffalo,this transfer being followed by the election of Mr. Knox asa director of the Marine. Mr. Clement became Presidentof the Marine in 1895; he entered the institution in the earlyeighties and before becoming its chief executive had servedas both Assistant Cashier and Cashier. His father had be-fore him long been identified with the management of thebank. The senior Mr. Clement's connection with the insti-tution dated from 1869, when he became its Cashier, and heheld the presidency from 1881 until his death in 1892.It was during the younger Mr. Clement's administrationthat the bank was changed (in 1902) from a State to a na-tional institution. Stephen M. Clement assisted in the for-mation of the Buffalo Clearing-House Association in 1888,and since 1892 had been Chairman of the Clearing-HouseCommittee. He was President and Treasurer of the Buf-falo Steamship Co., Vice-President of the Rogers-BrownIron Co., a director of the Power City Bank of Niagara Falls,N. Y., a director of the Ontario Power Co., &c. Mr. Cle-ment was in his fifty-fourth year at the time of his death.A son, Norman P. Clement, is an Assistant Cashier of theMarine National.—Arthur D. Bissell, President of the People's Bank of Buf-

falo, with other business associates, is reported to have pur-chased the Marine National Bank building on the southwestcorner of Main and Seneca streets. The Marine National willvacate this site and move into its new structure on the oppo-site corner about May 1, and it is expected that eventually thePeople's Bank, which is now located at the southeast cornerof Main and Seneca, will occupy the present quarters of theMarine National.—A third dividend of 15% was paid on Mar. 18 to the

creditors of the failed Bank of Wayne at Lyons, N. Y.Two previous dividends have been paid since the bank's sus-pension on Nov. 9 1910—one of 50% in April 1911 and theother of 25% in July 1911. The 15% dividend just paidaggregates $10,749, and, with the earlier payments, coversall but 10% of the liabilities, which at the time of the failureamounted to $78,412.

—Reports that negotiations had been entered into withthe view to the consolidation of the Merchants' NationalBank and'the National Bank of Commerce of Boston aredenied by their respective presidents.'

—A merger between the West End Trust Co. and theIndependence Trust Co. of Philadelphia was agreed on bythe directors on Wednesday of this week, and, with theendorsement of the stockholders, is to become effective onMay 1. Both institutions have a capital of $1,000,000 eachin shares of $50. The Independence Trust Co. was organizedin 1889 and has deposits of about $2,225,000. The West!EndTrust Co. dates from 1891; its deposits amount to $4,175,000.It is understood that the latter name will be retained by theconsolidated institution. Henry A. Doan is at the head ofthe West End, while Charles B. Dunn is President of theIndependence Trust Co., of which Rodman Wanamaker isVice-President.—Alexander Dunbar, who had been Cashier of the Ex-

change National Bank of Pittsburgh since June 1909, retiredfrom that office on the 1st inst. to accept a similar post withthe Bank of Pittsburgh, N. A., succeeding W. F. Bickel, whohas been elected a Vice-President of that institution. J. P.McKelvey, heretofore Assistant Cashier of the ExchangeNational, succeeds Mr. Dunbar as Cashier, and P. D. Beatty,Second Assistant Cashier, takes the place of Mr. McKelveyas Senior Assistant Cashier. F. M. Polliard and D. B.Carson become assistant cashiers of the Exchange National.In the Bank of Pittsburgh, J. M. Russell, Assistant Cashier,Er's been elected with Mr. Bickel to a vice-presidency.George F. Wrigle Auditor, has been made an AssistantCashier, while Frank D. Young takes Mr. Wright's place asAuditor.—On the 16th inst. application will be made for a charter

for the First-Second Savings & Trust Co. of Pittsburgh, whichis to be organized as an adjunct of the recently consolidatedFirst-Second National Bank of that city. The new companywill occupy the handsome banking quarters left vacant by theSecond National, as indicated in our issue of Mar. 22. Themerger proceedings of the First and Second national bankswere also outlined in that number.—A. II. Trimble, President of the Manchester Savings

Bank & Trust Co. of Allegheny, has retired from that officebecause of the pressure on his time as President and Managerof the Humboldt Fire Insurance Co. Mr. Trimble has beenretained as a Vice-President. The new President of theManchester Savings Bank & Trust Co. is G. C. Gerwig,heretofore Cashier of the Bank of Secured Savings of Pitts-burgh. In addition'to Mr. Gerwig, three others were electeddirectors to fill vacancies, namely H. W. Fisher, H. G. Roseand M. W. Stoner.

—On Mar. 26 the Western National Bank of Baltimoreheld a. public reception in its remodeled building at 14 N.Eutaw Street. The quarters have undergone extensive al-terations and improvements, the exterior presenting amarked change, the brick front being replaced by an ornatemarble front. The main banking room has been enlargedand is otherwise remodeled and provided with modern equip-ment. A new steel vault also forms part of the added facili-ties. Charles E. Rieman is President of the bank, which hasa capital and surplus of $500,000 each and profits of $75,000.

—The question of increasing the capital of the MarketSavings Bank Co. of Toledo from $100,000 to $200,000 willbe submitted to the stockholders for approval at a meetingon April 28.—The stockholders of the Swedish-American State Bank

of Chicago, the organization of which was undertaken lastyear, have decided to change its name to the Capital StateSavings Bank. The institution is scheduled to begin businessabout May 15. It has been formed with a capital of $200,-000.—Adequate provision is being made by H. M. Brown,

Secretary of the Michigan Bankers' Association, forItheaccommodation of the Michigan bankers and their guests,who will assemble at Lansing for the twenty-seventh annualconvention on June 10, 11 and 12. Benjamin F. Davis,President of the City National Bank of Lansing, is Presidentof the Association.

—Control of the First State Bank of Oklahoma City, Okla.,is reported toihave recently passed to interests in the:Com-merce Trust Co. of Kansas City, Mo. The State Bank willoperate under its present capital of $61,000. William T.Kemper and R. C. Menefee, President and Treasurer,


APR. 5 1913] THE CHRONICLE 993

respectively, of the Trust Co., are the new owners of the

bank. S. A. Berry of Fort Worth is expected to succeed

C. F. Elerick in the presidency of the First State Bank.

-In announcing the declaration on Mar. 25 of the quar-terly dividend of $2 50 per share for the first quarter of theyear, the directors of the National Bank of Commerce in

St. Louis state that the board, by unanimous vote, hasdeemed it wise to reduce the dividends hereafter to the rateof 8% per annum. This, it is stated, has been decided upon

"in order that we may have a considerable amount with whichto build up an increased reserve of undivided profits to theamount of at least $1,000,000 more than we had Jan. 1 1913.We believe we will be able to do this in a reasonably shorttime." The bank has a capital of $10,000,000. Its surpluson Feb. 4 was $2,000,000, and its undivided profits at thatdate were $200,213. Under the February report the depositswere $54,829,826, while the aggregate resources were$75,984,134.-The Commercial Trust 86 Savings Bank of Memphis,

Tenn., has taken steps toward increasing its capital from$250,000 to $500,000. Two-fifths of the increase, or $100,-000, has been sold to old stockholders at par, while the re-maining $150,000 has been disposed of to the public .at $300for each $100 share. The bank is planning to erect a newbuilding to cost about 81,000,000 and work will be started

on its construction about Sept. I. The necessary funds for

its erection will be supplied from the surplus.

-An order has been issued to the receivers of the defunctVirginia Safe Deposit & Trust Corporation of Alexandria,Va., by Judge Barley in the Corporation Court, authorizingthe payment of a 5% 'dividend to the depositors of thefailed institution. This, it is stated, is the third distribution,and brings the dividend payments up to 35%. It is believedthat this will be the last dividend to be paid to the creditors.The institution suspended in December 1910.-The consolidation of the Lynchburg National Bank and

the National Exchange Bank of Lynchburg, Va., was rati-fied by the stockholders of the two institutions on the 1stinst. The merger goes into effect on Tuesday next, when

the National Exchange will surrender its charter. The unit-ing banks each has a capital of $250,000.-In order to handle properly its increasing business, the

City Bank & Trust Co. of Mobile, Ala., has secured the lotadjoining its building on Royal Street,, and is erecting anaddition which, when completed, will give the enlargedstructure a total frontage on Royal Street of 73 feet, as againstonly 23 feet, the width of its present home. Two more storieswill also be added to the old building, making it eight storieshigh. With the entire banking room and offices remodeledand improved, the reconstructed quarters will be among thefinest in the South. The City Bank & Trust Co. has a capital of$500,000, surplus and profits of $519,455, deposits of $4,-847,722 and aggregate resources of over $6,000,000. E. J.Buck is President, P. J. Lyons and George A. TonsmeireVice-Presidents and A. C. Tonsmeire Cashier.

-G. C. Street Sr. of the firm of G. C. Street & Co., com-mission merchants, of Houston, Tex., was elected Presidentof the National Bank of Commerce of that city on the 25thult., to succeed the late 0. T. Holt. J. C. Hutcheson Sr.was elected Vice-President and a director, and Mrs. 0. T.Holt, widow of the former executive, was elected to succeedhim on the directorate. The institution is less than a ;yearold, having opened for business on July 15 last. It has acapital of $500,000.-The Trust Company of Georgia at Atlanta, which for

the past year has been paying 8% to its stockholders, paya-ble semi-annually, has increased the yearly rate to 10%, thepayments hereafter being quarterly. The first _quarterlydividend is payable to-day, the 5th inst. The inaitiftTonhas a capital of $1,000,000.

-The Whitney Central National Bank of New Orleanshas put in force a pension plan and death-benefit fund in theinterest of its employees. According to the "Picayune,"the system adopted retires all employees of the bank at theage of sixty years, a liberal pension being provided in eachcase, based upon the length of service. The death benefitis likewise based on the years of service and is payable to thewidows and children of the employees. It is stated that tocarry out the insurance feature and ",to-protect the pensionfund, a policy on the life of each employee is carried in thePan-American Life Insurance Co. The system will be underthe control of the bank and will be maintained:without anyxpense on the part of the employees. It will cover all em-

ployees of the Whitney Central National Bank, the WhitneyCentral Trust & Savings Bank and the Carrollton Branch ofthe Whitney Central Trust & Savings Bank.

-The Commercial National Bank of New Orleans is anotherinstitution which has provided for the insurance of its em.ployees; for more than three years, it is stated, it has beencarrying insurance policies for each if its employees.

-We learn from the monthly financial letter publishedby the Anglo and London Paris National Bank of San Fran-cisco that the work on the Panama-PacificExposition is pro-gressing most favorably. The letter says:With two full years before the opening of the Exposition the reclamation

work and seawall are completed, sewerage, service and high-pressure fireprotection water systems, bulkheads, wharves and, in fact, all the groundinstallations are well under way. The service building is completed andoccupied. It is evident even to the casual observer that no constructionwork remains to be done which cannot be completed as promised ninemonths before the opening of the gates. That will give ample time for

the leisurely installation of machinery and exhibits before opening daywithout interference with the parking and other work for the embellishmentof the grounds, which in fact is already in progress.

-J. F. Bunn, an Assistant:Cashier of the All Night & DayBank of Los Angeles, has been elected to succeed H. P. Spen-cer, resigned, as Cashier of the City & County Bank of thatc.-W. E. Johnson, President of the Nevada Bankers' Asso-

ciation and Vice-President of the John S. Cook & Co. Bankof Goldfield, Nev., was elected a director and Vice-Presidentof the Merchants' National Bank, San Francisco, on the 13thul-The Bank of Montreal, head office Montreal, Canada,

announces that it has opened a second office in London, Eng-land. The new branch is located in the West End of Lon-

don at 9 Waterloo Place, Pall Mall, S. W., situated in the

centre of the club, hotel and shopping district. American

travelers holding letters of credit and travelers' checks issued

by this bank will find the new office a great convenience, on

account of its close proximity to the principal hotels, steam-ship and railroad offices. The bank's other London officeis at 47 Threadneedle Street.

-W. I. Gear, a director of the Crown Trust Co. and Vice..President of the Robert Reford Co., Ltd., both of Montreal,has been elected a director of the Bank of Toronto -(head of-

fice Toronto), succeeding the late Robert Reford.

MPORTS AND EXPORTS OF GOLD AND SILVER AT

SAN FRANCISCO.The Collector of Customs at San Francisco has furnished us

this week with the details of the imports and exports of goldand silver through that port for the month of February, and

we give them below in conjunction with the figures preceding, thus completing the results for the eight months of

the fiscal year 1912-13.IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.

Months.Gold. Sliver.

Coin. Bullion. Total. Coin. Bullion. Total.

1912-13.July 195,341 195,341 5,254 39,807 45,061August 500 223,255 223,755 53,717 53,717September_ 178,565 178,565 30,600 30,600October 259,294 253,993 513,287 352,200 91,100 443,300November 11,084 51,639 62,723 16,995 16,995December 290,187 290,187 6,900 37,709 44,609January 107,000 129,784 136,784 35,647 35,647February 3,108 174,873 177,981 2,600 104,622 107,222

Total, 8 mos. 280,986 1,497,637 1,778,623 366,954 410,197 777,151

8 mos. 1911-12 1,866,095 1,309,352 3,176,047 446,648 446,462 893,110

EXPORTS OF GOLD AND1SILVER FROM SAN FRANCISCO.

Months..Gold. Silver.

Coin. Bullion. Total. Coin. Bullion. Total.

1912-13. s. $ $ $ $ sJuly S 840,487 840,487August 7,150 400,631 407,781September_ _ _ _ 1,000 1,000 508,997 508,997October 1,500 1,500 1,154,572 1,154,572Novenber ____ 440 103,350 103,790 1,122,662 1,122,662December ____ 500 500 1,001,089 1,001,089January 575 1.000 1.575 1,426,975 1426,975February 1,600 1,600 1,080,259 1,080,259

Total, 8 mos. 4,015 105,950 109,963 7,150 7,535,672 7,542,822

8 mos. 1911-12 7,330 1,990,707 1,998,037 17,000 5,894,985 5.911,985t ..i •., ____

IMPORTS AND EXPORTS FOR FEBRUARY.

The Bureau of Statistics at Washington has issued thestatement of the country's foreign trade for February, andfrom it and previous statements we have prepared the tellowing interesting summaries:


994 THE CHRONICLE [VOL. xcn.

ft

FOREIGN TRADE MOVEMENT OF THE UNITED STATES.(In the following tables three ciphers (000) are in all cases omitted.)

MERCHANDISE.

January - - -February - - -March April MayJune July August September_October NovemberDecember

Exports1913. 1912. 1911. 1913.$227,033 $202,446 $197,083 $163,064194,026 198,844 175,957 149,569

205,412 161,933179,300 157,988175,380 153,152138,234 141,707148,885 127,697167,845 144,185199,678 195,799254,634 210,366278,244 201,753250,316 224,907

Total $2,399,218 $2,092,527GOLD.

January ...._ _February --March April May June July August September_October NovemberDecember

Total

January February -March April May June July August September...October NovemberDecember

Total

Imports 1912.

$143,586134,188157,577162,571155,698131,031148,667154,757144,820177,988153,095154,095

1911.$130,561121,695139,042119,827129,814122,807118,054125,945125,172132,606126,162140,674

$1,818,073 $1,532,359

Exports 1913. 1912. 1911. 1913.$17,238 $1,915 $924 $6,21012,373 10,589 425 5,357

7,454 5051,817 1,5064,451 6,8177,171 3,0757,265 2,1782,498 481568 2,353330 3,984

2,710 13,941657 994

Imports 1912.$5,1412,9374,3363,8933,3475,6113,7485,5774,20111,8874,47411,397

1911.$9,5415,8064,1194,5255,0154,7682,5954,1054,7044,1023,4584,707

$47,425 $37.183 $66,549 $57,445SILVER.

1913. Exports

1912. 1911. 1913.$6,436 $6,028 $5,651 $4,2015,314 5,122 4,453 2,480

5,806 6,8974,941 7,6106,726 5,0545,046 5,7786,591 5,2756,077 4,8706,011 4,9406,172 5,0875,834 5,0527,608 5,997

$71,962 $65,664EXCESS OF EXPORTS OR IMPORTS.

Merchandise- -Gold Silver1912. 1911. 1913. 1912. 1913. 1912.

+566,522+511,028 -$3,226 +52,235 +51,670+54,262 7,016 +7,652 +2,834 +1,341+22,891 +3.118+2,094+38,161 -2,076 +752+23,338 +1,104 +2,381+18,900 +1,560 +166+9,643 +3,517 +3,155+18,240 -3,079 +2,125+70,627 -3,633 +2,362+77,760 -11,557 +1,488+75,591 -1,764 +2,407+84,232 -10,740 +3,610

1913.January --- +563,969 +558,860February ---+44,457 +64,656March +47,835April +16,729May +19,682June +7,203July +218August +13,088September__ +54,858October ____ +76,646November....+125,149December_ +96,221

Imports 1912.$4,3583,7813,7124,1894,3454,8803,4363,9523,6494,6843,4173,998

1911.$3,5513,8983,1974,2523,5563,5063,9213,6534,1623,4043,3393,307

$48.401 $43,746

Total +5581,145+5560,168 -319,124 -$23,561

+ Exports. - Imports.

Totals for merchandise, gold and silver for eight months:

EightMona,(000

Omitted)

Merchandise.

Ex-ports.

Im-ports.

Excess

ofExports

Gold. Silver.

Ex-ports.

tin-ports.

Excessof

ExportsEx-pons.

Im-ports.

Excessof

Exports

1912-13 1,720,6611911-12 1,505,9971910-11 1,434,5401909-10 1,209,2451908-09 1,157,8031907-08 1,356,848

1,246,054 474,6071,046,388 459,6091,015,736 118,8041,021,312 187,933816,153 341,650841,641 515,207

$ $43,639 52,851 /9,21236,436 31,751 4,68510,607 55,181/44,57478,147 29,146 49,001'44,424 30,865 13,55921,327;135,576 1114249

1 1

50,042 29,81842,371, 29,92440,4111 31,42637,311 30,71935,718 28,25740,6641 30,591

20,22412,4478,9856,6007,461

10,073

I Excess of imports.

Similar totals for the two months since January 1 for sixyears make the following exhibit:

TwoMonths(000

omitted)

Merchandise. Gold. Silver.

Ex-ports.

1913___1912___1911_1910___1909___1908___

421,059401,291373,040269,019282,765373,871

Excesslie- ofports. Exports

312,633 108,426277,775 623,516252,256 120,784263,788 5,2311222,231 60,534'169,750 204,1211

Ex-ports.

29,61112,5041,3499,10016,7262,412

I m-ports .

Examof

Exports

11,567 18,0448,078 4,42615,347113 ,9985,194 3,9066,997 9,72913,646 111 ,234

Ex-pons.

11,75011,15010,1049,0869,3958,257

Ins-ports.

6,6818,1397,4497,4037,1747,074

Excessof

Exports

5,0693,0112,6551,6932,2211,183

I Excess ofimports.

Clearings by Telegraph-Sales of Stocks, Bonds, &c.-The subjoined table, covering clearings for the currentweek, usually appears on the first page of each issue, but onaccount of the length of the other tables is crowded out oncea month. The figures are received by telegraph from otherleading cities.

Clearings-Returns by Telegraph.Week ending April 5. 1913. 1912.

PerCent.

New York $1,739,923,762 $1,912,741,178 -9.0Boston 158,088,878 194,292,435 -18.6Philadelphia 156,058,780 118,313,629 +31.9Baltimore 34,934,039 26,701,951 +30.9Chicago 261,122,448 254,878,993 +2.4St. Louis 61,878,097 63,421,699 -2.4New Orleans 14,682,992 18,421,235 -20.3

Seven cities, 5 days 52,426,688,996 $2,588,771,120 -6.3Other cities, 5 days 565,923,418 541,217,923 +4.6

Total all cities, 5 days $2,992,612,414 53,129,989,013 -4.4All cities, 1 day 513,294,617 394,507,417 +30.1

Total all cities for week $3,505,907.031 $3.524.496.460 -0.5

Pacific and Other Western Clearings brought forwardfromifirst page.

Clearings at-March. Three Months.

1913. 1912.Inc. orDec. 1913. 1912.

Inc. orDec,

$ $ % $ $ %San Francisco- 221,426,208218,137,049 +1.5 664,066,851 650,327,393 +2.1Los Angeles-- 108,214,599' 93,242,804 +16.1 318,478,379 273,325,504 +16.5Seattle 55,940,283 50,200,357 +11.4 152,962,059 136,771,278 +11.8Portland 59,119,791 54,836,324 +7.8 151,223,909 141,448,519 +6.9Salt Lake City 23,582,469 33,409,478 -29.4 79,115,540 101,419,589 -22.0Spokane 17,930,743 18,359,175 -2.3 51,998,029 53,384,238 -2.6Tacoma 13,513,805 19,893,468 -32.1 34,961,590 55,227,627 -36.7Oakland 16,731,472 16,097,870 +3.9 49,353,713 49,621,961 -0.5Sacramento 8,389,983 6,524,711 +28.6 24,645,016 19,546,852 +26.1San Diego.. 12,695,548 11,183,366 +13.5 37,493,425 30,934,166 +21.2Stockton 3,606,359 3,211,866 +12.3 10,892,218 9,787,012, +11.3Fresno 4,098,541 3,647,152 +12.4 13,304,447 10,492,768 +26.8San Jose 2,711,921 2,415,901 +12.2 8,506,379 8,175,895 +4.0North Yakima 1,827,4851,918,506 -4.7 4,800,328 4,937,734 -2.8Pasadena 4,783,640 3,515,886 +36.1 13,727,209 11,320,240 +21.3Boise 2,600,000 2,994,107 -13.2 9,367,136 10,203,040 -8.2Reno 1,155,989 1,049,970 +10.1 3,393,331 3,287,638 +3.2Ogden 2,601,357 2,460,969 +5.9 8,275,162 7,738,328 +6.9

Total Pacific560,930,191543,098,958 + 3.31,636,564,721 1,577,949,782 +3.7

Kansas City 229,959,400 204,496,533 +12.6 697,085,922 640,586,402 +8.8Minneapolis 98,768,751 82,949,599 +19.1' 303,093,115 246,361,838 +23.1Omaha 79,600,000 72,810,120 +9.3 224,103,307 208,778,305 +7.3St. Paul 49,592,683 54,504,056 -9.0 129,542,722 142,179,742 -8.9Denver 41,104,354 36,374,163 +13.0 117,055,765 114,705,046 +2.0St. Joseph_ _ _ _ 37,354,562 36,856,654 +1.4 106,371,430 103,490,476 +2.8Des Moines 29.269,632 22,954,402 +27.5 68,675,894 57,005,676 +18.6Sioux City.- 17,086,990 16,000,653 +6.8 42,778,809 37,386,400 +14.4Wichita 13,895,708 13,548,754 +2.5 42,949,939 42,330,533 +1.7Lincoln 8,604,013 7,498,085 +14.7 23,729,977 21,538,422 +10.2Davenport 8,739,004 7,383,249 +18.4 23,114,464 20,684,305 +11.7Topeka 7,294,224 6,417,205 +13.7 22,221,639 20,519,820 +8.3Cedar Rapids_ 9,638,462 7,209,059 +33.7 23,671,152 16,950,542 +39.6Colorado Spgs_ 2,939,137 2,820,015 +4.2 8,053,614 8,148,144 -1.2Pueblo 2,910,245 2,824,195 +3.0 8,918,261 8,524,653 +4.6Fargo 2,218,279 3,340,264 ---33.6 5,996,670 9,397,664 -36.2Sioux Falls - 3,700,000 2,394,913 +54.5 9,544,556 6,204,816 +533Duluth 12,958,489 11,387,396 +13.8 45,090,655 34,653,775 +30.1Waterloo 8,275,319 5,993,212 +38.1 19,975,820 15,294,029 +30.6Helena 4,791,919 3,549,123 +35.0 12,664,379 10,903,033 +16.1Fremont 1,771,159 1,621,535 +9.2 4,479,774 4,383,882 +2.2Hastings 1,009,589 843,446 +19.7 2,674,146 2,404,467 +11.2Billings 1,590,473 1,173,988 +35.5 4,713,791 3,511,969 +34.2Aberdeen 1,546,945 1,306,857 +18.4 6,034,736 3,734,397 +61.6Joplin 3,138,001 2,771,902 +13.2 9,932,533 8,505,741 +16.8Grand Forks 1,423,500 1,403,600 +1.4 4,313,600 4,266,600 +1.1

Tot.oth.West679,180,838 610,432,978 + 11.31,968,786,670 1,793,350,6671 +9.7

Clearings at-Week ending March 29.

1913. 1912.Inc. orDec. 1911. 1910.

$ $ % $ $San Francisco_ _ _ 43,527,359 45,594,979 -4.5 42,534,400 44,345,267Los Angeles 20,591,939 19,084,878 +7.9 16,765,293 14,407,940Seattle 11,031,397 9,722,064 +13.5 10,500,000 12,737,842Portland 10,381,081 10,222,513 +1.5 9,582,398 10,127,402Salt Lake City 4,627,579 7,777,199 -41.9 5,114,872 5,677,250Spokane 4,315,384 4,500,000 -4.1 3,838,520 4,257,664Tacoma 2,352,016 4,202,602 -44.0 4,117,187 6,062,837Oakland 3,148,980 2,970,015 +6.0 2,751,854 3,359,619Sacramento 1,796,273 1,392,698 +29.0 1,257,446 1,316,977San Diego 2,490,444 2,037,129 +22.2 1,276,736 1,250,000Stockton 653,714 682,642 -4.2 952,702 602,897Fresno 896,494 700,000 +28.1 550,950 563,738San Jose 529,013 432,132 +22.4 463,000 468,000North Yakima 377,088 408,256 -7.6 410,686 475,138Pasadena 935,010 750,787 +24.6 838,094 765,095Reno 247,500 225,000 +10.0 250,000 240,000

Total Pacific 1_107,941,271 110,702,894 -2.5 101,210,138 106,657,626

Kansas City_ _ _ 47,243,971 43,633,324 +8.3 46,337,306 50,288,002Minneapolis 23,154,296 16,995,026 +36.2 17,175,161 21,629,729Omaha 15,500,000 13,991,815 +10.8 13,945,560 16,256,571St. Paul 11,721,804 12,817,811 -8.5 9,009,988 12,179,640Denver 8,465,147 7,474,130 +13.3 7,372,532 9,447,144St. Joseph 6,987,919 7,554,783 -7.5 6,706,016 7,052,182Des Moines 4,793,043 4,338,764 +10.0 3,770,841 4,172,379Sioux City 3,195,936 2,726,952 +17.2 2,451,775 3,152,415Wichita 2,985,140 3,030,980 -1.5 3,102,205 2,832,913Lincoln 1,441,282 1,369,704 +5.3 1,306,528 1,499,256Davenport 1,050,000 1,2911,272 -19.0 1,488,434 1,756,032Topeka 1,481,396 1,299,416 +14.0 1,315,291 1,453,049Cedar Rapids_ _ .. 1,406,194 1,381,672 +1.8 1,028,926 1,375,938Colorado Springs 504,479 750,000 -32.8 744,000 800,000Pueblo 612,688 580,790 +5.5 638,453 466,759Fargo 452,227 634,811 -28.7 579,043 903,052Duluth 3,003,294 2,693,113 +11.5 2,110,543 3,383,743Waterloo 1,627,482 1,274,794 +24.6 1,090,780 1,048,557Helena a1,301,206 839,588 +55.3 655,015 732,666Fremont 265,400 238,199 +11.4 263,256 295,700Hastings 152,667 164,130 -7.0 184,159 160,000Billings 375,000 291,268 + 28.9 84,015 218,890Aberdeen 370,350 283,911 + 30.5 317,509 376,612

. . . „ 1h5, 00L, .5.3.) tLU.3 ),)I,.3.JU1tt„

Our usual monthly detailed statement of transactions onthe New York Stock Exchange is appended. The resultsfor the three months of 1913 and 1912 are given below.

Descrip-non.

Three Months, 1913. Three Months, 1912.

Par Value.or Quantity.

Actual rAver.1 Par Value.Value. Price.' or Quantity.

ActualValue.

Aver.Price.

St'k Sh's_ _ 22,742,337 I 32,544,7341Val_ _ $2,066,507,45052,021,348,588 97.852,927,418,050 $2,873,629,677 98.2

RR. bonds 137,612,500 134,376,157 97.6, 228,726,500 219,506,974 00.0Gov't bds_ 304,000 314,840103.61 587,000 601,994 102.6State bds_ _ 5,128,500 4,555,070 88.8 6,300,000 6,180,815 08.0Bank stks_ 39,700 84,104211.8 230,600 572,497248.3

Total..__ $2,209,592,150$2,160,678,759 97.8 $3,161,262,150 23,100,491,957 98.11

The volume of transactions in share properties on theiNew York Stock Exchange each month since Jan. 1 n 1913

and 1912 is indicated in the following; titSALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE,

1913. 1912.Mth

Numberof

Values. Numberof

Values.

Par. Actual. Par. Actual.Shares. Shares.

$ $ $ sJan _ 8,748,973 809,787,8501 800,879,464 10,906,138 970,876,425 958,417,280Feb.. 6,763,632 617,315,100 600,464,308 7,086,544 621,704,400 602,463,418Mch. 7,229,732 639,404,5001 620,004,816 14,552,052 1,334,837,225 1,312,748,973

1., ,.,.99 TAO 557.)AAA KAT AKA .3 Aql 112 RCM 5') fi.i. t 75,) (1)7 Al Q nKno 2-, non A77


APIL 5 1913.1 THE CHRONICLE 995

The following compilation covers the clearings by monthssince Jan. 1.

MONTHLY CLEARINGS.

Month.

Jan _ _Feb _ _Mch_ _

let qr_

Clearings, Total AU. Clearings Outside New York.

1913. 1912. 1913. 1912.

16,220,981,57213,594,978.36314,112,204,430

43,928,164,365

$15,103,490,13312,900,784,27814,458,844,153

42,481,118,564

+7.4+5.4-2.4

+3.5

$6,882,240,3685,800,334,0688,226,018,520

8,267,908,5945,588,135,9148,039,889,931

+9.8+3.8+3.1

18,908,892,954 17,895,934,439 +5.7

The course of bank clearings at leading cities of the C011/1-try for the month of March and since Jan. 1 in each of the lastfour years is shown in the subjoined statement:

BANK CLEARINGS AT LEADING CITIES. March Jan. 1 to March 31-

(000,0008 1913. 1912. 1911. 1910. 1913. 1912. 1911. 1910.omitted. 3 $ $ $ $ $ IS $

New York 7,886 8,417 7,622 9,046 25,020 24,565 23,448 28,448Chicago 1,384 1,302 1,288 1,341 4,037 3,708 3,408 3,562Boston 692 784 709 752 2,228 2,369 2,154 2,301Philadelphia 687 682 647 878 2,118 1,997 1,890 1,943St. Louis 335 327 324 333 1,051 980 980 912Pittsburgh 237 218 227 212 724 635 624 623San Francisco 229 218 204 202 864 850 571 559Cincinnati 109 115 108 110 342 336 323 317Baltimore 188 148 144 136 527 472 434 392Kansas City 230 204 225 248 697 841 661 658Cleveland 98 81 79 80 308 254 234 235New Orleans 75 88 84 87 254 289 259 279Minneapolis 99 83 83 101 303 246 230 276Louisville 59 83 61 59 197 195 190 186Detroit 101 84 77 76 307 252 222 213Milwaukee 83 62 58 57 193 185 180 165Los Angeles 108 93 80 73 318 273 218 194Providence 34 34 33 34 109 108 106 105Omaha 80 73 75 87 224 209 190 220Buffalo 46 41 40 41 147 138 125 124St. Paul 50 55 50 53 130 142 132 134Indianapolis 31 34 38 39 107 106 111 116Denver 41 36 36 45 117 115 110 122Richmond 35 36 33 35 106 112 97 103Memphis 35 33 29 33 110 111 96 91Seattle 58 50 47 58 153 137 128 149Hartford 20 20 20 22 86 60 56 80Salt Lake City- 24 33 25 26 79 101 76 79

TotalOther cities 13,002 13,414 12,446 14,064 40,634 39,384 37,280 42,584

1,110 1,043 1,028 987 3,294 3,077 2,977 2,795

Total all 14,112 14,457 13,472 15,051 43,928 42,481 40,237 45,359Outside New York_ 8,226 8,040 5,850 6,005 18,908 17,896 16,789 18,913

Canadian Bank Clearings.-The clearings of the Cana-dian banks for the month of March 1913 show an increaseover the same month of 1912 of 2.6%, and for the threemonths the gain reaches 9.8%.

Clearings atMarch. Three Months.

1913. 1912.Inc. orDec. 1913. 1912.

Inc. orDec.

Canada-MontrealToronto __Winnipeg_ _ _Vancouver_ _Ottawa _ _ _Quebec Halifax Hamilton_ _ _St. John-.-. _London _ _ _Calgary _ _ _ _Victoria _ _ _Edmonton_ _Regina _ _ _Brandon _ _ _Lethbridge _Saskatoon _ _Brantford _ _Moose Jaw_Fort WilliamNew W'm't'r

$207,858,733171,305,591102,585,12047,535,14515,088,54311,583,7937,672,58813,231,9335,998,9587,882,72118,072,24515,335,49416,600,0009,425,0002,089,5152,187,2297,677,0472,388,2354,870,1943,150,0002,400,000

$195,780,541157,908,947108,198,37849,902,87821,991,01510,014,7647,148,11811,727,0295,945,9846,432,75019,450.31013,246,57717,550,3858,787,4032,076,8212,388,8348,403,4312,183,9014,216,2202,080,556

Not includ.

+6.2+8.5---5.2-4.7-31.4+15.5+7.3+12.8+0.9+22.5-7.1+15.8-5.4+7.5+0.5-9.2-8.6+8.5+15.5+51.4In tot.

$686,496,234530,968,432343,053,705150,807,87948,400,00137,627,34824,334,84141,983,29320,878,84323,058,05158,433,31945,273,10150,947,00533,852,5747,218,6178,714,584

23,983,5307,857,97115,575,33210,145,0857,115,555

$592,648,003480,522,567319,227,848143,625,21181,975,54231,690,64323,129,83735,181,80419,559,88919,105,12255,918,77337,759,72348,527,20023,825,2566,585,1407,512,230

22,441,5717,281,059

12,099,3786,572,752

Not Included

+12.5+10.5+7.5+4.9

-21.9+18.7+5.2+19.3+5.7+20.7+4.5+19.9+5.0+42.9+10.0-10.8+8.9+5.2+28.7+54.7

in total

Tot. Canada 672,452,082 855,408,810 +2.6 2,147,003,745 1,955,687,128 +9.8

The clearings for the week ending March 29, covering theEaster holidays, show a decrease of 13.7% in comparisonwith the same week of 1912.

Clearings at-Week ending March 29. I

1913, 1912.Inc. orDec. 1911. 1910.

Canada-Montreal Toronto Winnipeg Vancouver Ottawa Quebec Halifax Hamilton St. John London Calgary Victoria Edmonton Regina Brandon Lethbridge Saskatoon Brantford Moose Jaw Fort William New Westminster

Total Canada

37,508,17035,872,06019,278,6769,104,3882,702,2752,044,4611,266,8992,887,7771,094,5771,340,1093,766,9582,760,9613,118,3721,818,240388,005430,295

1,407,848460,387929,439567,744452,695

44,071,43337,300,00025,155,50111,230,8604,869,9102,185,1281,478,3932,593,5951,249,3971,224,3284,567,7882,849,6003,888,5822,043,994432,913590,535

1,799,230492,986924,917511,556

Not incl. In

--14.9 48,993,811---3.8 35,724,086

---23.4 17,059,198---18.9 9,193,7847-42.1 3,079,397---8.5 1,897,07514.2 1,270,858

4-11.4 1,829,416--12.4 1,264,3101-9.5 • 1,200,140

---17.5 4,745,022--3.1 2,820,882

---19.8 1,913,728---11.0 1,181,871--14.8 389,822--27.1 510,420---21.8 888,118---8.8 429,4794-0.5 578,998

4-11.0total.

$27,789,51323,191,51711,718,4126,250,3672,510,1741,598,1591,240,5271,741,8161,057,7241,018,4791,938,4391,260,327970,823577,811350,000

128,725,421 149,256,386 -13.7 132,747,995 83,213,888

tilkonetarifF, Tommercial giagityalf5ms

English Financial Markets-Per Cable.The daily closing quotations for securities, &c., at London,

as reportedibytcable Ahavekbeen as follows the past week:

London,Week ending April 4. Sat. Mon. Tues. -Wed.

Silver, per oz d 26 13-16 2634 2634 26 7-16d Consols, 234 per cents... _ 74 7-16 7434 74 5-16 7434d For account 74 7-18 7434 749-16 7434

d French rentes (In Paris). 1r87.6734 87.75 87.3734 86.95Amalgamated Copper Co_ _ _ 7434 75 75% 75%Am. Smelt. & Refining 7134 72 72 7334b Anaconda Mining Co 73( 734 734 734Atch. Topeka & Santa Fe_ _ _105 105 10534 10534

Preferred 10234 10234 103 103Baltimore & Ohio 103 10334 1033-4 104

Preferred 8534 8534 8534 8534Canadian Pacific 24034 24034 24234 24234Chesapeake dr Ohio 7334 74 7334 733.4Chicago Great Western 15 15 15 1534Chicago Milw. & St. Paul.-. _113 114 11434 11534Denver & Rio Grande 213 2134 2134 2134

Preferred 3534 35 36 3534Erie 2834 29 2934 2934

First preferred 4634 46 4634 4734Second preferred 3534 3534 36 3834

Great Northern, preferred_ _132 132 133 133%Illinois Central 124 125 128 126Louisville & Nashville 13834 139 140 1403-4Missouri Kansas & Texas_ _ _ Ng 2634 2634 2634

Preferred 64 64 6434 6434Missouri Pacific 3834 3934 39 3934Nat. RR. of Mex., let pref 80 5934 60 60Second preferred 2534 2534 25 2531

N. Y. Central Sr Hud. Riv_ _10834 10834 10834 10934N. Y. Ontario & Western... 31 31 3134 31%Norfolk & Western 10834 10834 10934 10934

Preferred 8634 __ _Northern Pacific 12034 12034a Pennsylvania 8034 6034

120-346034

lii--61

a Reading Company 8234 8234 8394 84a First preferred 47 47a Second preferred 46

47 47

Rock Island 22% iiii ii. 253-4Southern Pacific 104 10394 10834 10434Southern Railway 2634 26% 27 2634

Preferred 82 ' 8234 82 83Union Pacific 15534 15634 15734 1577.4

Preferred 8734 87 88 89U.S. Steel Corporation 62% 633-4 639-4 6434

Preferred .11034 11034 1107-4 11194Wabash 394 434 454 454

Preferred 113.4 1134 12 12Extended 4s 59 59 59 62

a Price per share. b £ sterling.

Thurs. Fri.2634 26-11-1674 5-16 7434749.16 743486.4234 86.6234

34 787234 747% 834

10534 10634103 10310394 103348534 853424234 244347394 733418 15%

11434 115342134 213436 372934 3047 47343634 3713354 13454125 12514054 140542634 27346434 84343934 4060 602534 253410954 110343134 323-411034 1103488 8812134 12261 618394 853447 474734 47%2334 233410494 1052634 273483 8315734 1599489 89348374 653411134 1124 4341134 126134 62

d Quotations here given are flat prices.

Tounnerciat airdWis cellantous ttrtinDIVIDENDS.

The following shows all the dividends announced for thefuture by large or important corporations:

Dividends announced this week are printed in italics:

Name of Company.PerCent.

WhenPayable.

Books Closed.Days Inausivell

Railroads (Steam).Atchison Topeka st Santa Fe, corn. (guar .)_Brazil Ry., preferred (guar.) Central of New Jersey (guar.) Clev. Cinc. Chic. & St. L,, pref. (guar.)._Delaware Lackawanna ar Western (quar.)_Georgia RR. & Banking (guar.) Grand Trunk, guaranteed

First and second preference Third preference

Great Northern (guar.) Joliet & Chicago (guar.) Kansas City Southern, preferred (quar.)_ _Meadville Conneaut Lake at Linesville_ _ _ _Minn. St. P. & S. S. M., corn, and pref._Missouri Kansas & Texas, preferred N. Y. Central & Hudson River (guar.)._ _Norfolk & Western, preferred (guar.) Northern Pacific (guar.) Philadelphia & Trenton (guar.) Pitts. Ctn. Ch. & St. L., com.& pf. (qu.)-.-.Pitts. Ft. Wayne & Chic., reg., guar. (qu.)Reading Company, common (guar.) Reading Company, 2d pref. (guar.) St. Louis Rocky Mt.&Pac. Co., pref. (qu.)St. Louis & San Fran., lsr pref. (guar.) _St. Louis Southwestern, pref. (guar.) Southern Railway, preferred United N. J. 1211. & Canal Cos., guar.(qu.)Warren, guaranteed

Street and Electric Railways.Auburn & Syracuse Elec. RR., pref. (qu.)Aurora Elgin & Chic. RR., corn. (guar.). _

Preferred (guar.) Boston Suburban Elec. Cos., pref. (guar.)Brooklyn City RR. (guar.) Cin. Newp. & Coy. Lt. & Tr., COM. (qu.).

Preferred (guar.) Commonwealth Pow., Ry.&L.. com.(No.1)

Preferred (guar.) Dallas Electric Corporation, 1st pref.(No .8) _

Second preferred (No. 11) Ft. Smith Light & Traction, pref. (stmt.)._Germantown Pass. Ry., Phila. (quar.)--$Green .1 Coates St-s. Phila. Pass. Ry. (qua?.)-.Kokomo Marion & West. Trac., pref.(qu.)Manchester Tract., L. & Pow. (guar.) Memphis Street Ry., common

Preferred (guar.) Ohio Traction, common guar.) Ottumwa Ry. & Light, Pref. (par.) Om. st Coun. Bl. St. Ry., corn. & pref( qu.)Ottawa Electric Ry. (guar.) Pacific Gas & El. Co., com. (qu.) (No. 5)Philadelphia Co., corn. (guar.) (No. 128)

Cumulative preferred stock Puget Sd. Tr., L. & P., com.(qu.) (No. 3)

Preferred (guar.) (No. 3) Republic R. dr Light, pref. (qu.) (No. 7)Rio de Janeiro Tram., L. st P., Ltd. (guar.)Sao Paulo Tram., L. & P., Ltd., com. (ffu.)-Stark Electric flit. (guar.) Virginia Ry. & Power, common Washington (DC) R. & El., corn. (qu.)_Western Ohio Ry., second pref. (guar.)._West Penn Traction, pref. (guar.)

Banks.Fifth National (guar.) (No. 151) Produce Exchange, New York (No. 56)

Trust Companies.Union (guar.)

Miscellaneous.Amer. Agric. Chem., corn. (qu.) (No. 6).-.

Preferred (guar.) (No. 31) American Chicle, common (monthly) American Coal Products, pref. (guar.)

1%134$21%2%322%23413-41%123342134113(23413.41%211%11342%2%334

1%3-4

134$121%13411343234134

1.3134$1.501342113411341343134134

11341%1%234

3-41%1%1541%

34

1234

1

1134

June 2April 5May 1Apr. 21Apr. 21April 15Apr. 25Apr. 25Apr. 25May 1April 7Apr. 15Apr. 10Apr. 15May 10Apr. 15May 19May 1Apr. 10Apr. 25Apr. 8May 8April 10April 5May 1April 15Apr. 24April 10Apr. 15

Apr. 15April 10April 10Apr. 15April 15Apr. 15Apr. 15May 1May 1April 14April 14April 15Apr. 8April 7June 1April 15Mar. 31Mar. 31April 1April 15April 1April 1April 15May 1May 1Apr. 15Apr. 15Apr. 15May 1May 1April 1April 10June 1April 10April 15

April 1April 15

Apr. 10

April 15April 15Apr. 19April 15

Holders of rec. April 30April 1 to April 5Holders of rec. Apr.18aHolders of rec. Mar. 28Holders of reo. Apr. 4aApril 2 to April 14Mar. 8 to Apr. 10Mar. 8 to Apr. 10Mar. 8 to Apr. 10Holders of rec. Apr.12aMar. 23 to April 7Holders of rec. Mar. 31aHolders of rec. Mar. 31Holders of rec. Meh.20aHolders of rec. Apr.196Mar. 21 to Apr. 16Holders of rec. Apr.30aHolders of rec. April 10Apr. 1 to Apr. 10Holders of rec. Apr.15aMar. 16 to Apr. 8Holders of rec. Apr.21aHolders of reo. Mar.25aMar. 27 to April 4Holders of rec. Apr.18aHolders of rec. April ScHolders of rec. Mar.29aMar. 21 to Mar. 31Holders of rec. Apr. Sc

Holders of'rec. Mar. 31aHolders of rec. Mar.22aHolders of rec. Mar220Holders of rec. Apr. 2aApril 2 to April 15Apr. 1 to Apr. 15Apr. 1 to Apr. 15Holders of rec. Apr.10aHolders of rec. Apr.108Holders of rec. April 3aHolders of rec. April 3aHolders of rec. Mar. 31Mar. 19 to Apr. 7April 1 to April 7Holders of rec. May25aHolders of rec. April laMar. 23 to Mar. 31Mar. 23 to Mar. 31Holders of rec.Mar. 27aHolders of rec. Mar. 31Mar. 16 to Mar. 31Holders of rec.Mar.31aHolders of rec. Marl5aHolders of rec. Apr. laHolders of rec. Apr.10aHolders of rec. Mar. 25aHolders of rec. Mar. 25aHolders of rec. Mar. 31Holders of rec. Apr. 15Holders of rec. Apr. 15

Holders of rec. Mar.20a

Holders of rec. Mar.22aApril 9 to April 15

Holders of rec. April 8

Apr. 6 to Apr. 9

Holders of rec. Mar.24aHolders of roe. Mar.24aHolders of rec. ADr.14aApril 11 to April 15


996 THE CHRONICLE [VOL. xcvx.

44

Name of Company.PerCent.

WhenPayable.

Books Closed.Days Inclusive.

Miscellaneous (Concluded).Amer. Gas dr Elec., pref. (quar.) (No. 25) 134 May 1 April 2 to May 1American Glue, common 3 May 1 Holders of rec. April 23Amer. Light & Traction, cont. (guar.) 234 May 1 April 17 to April 30Common (payable in common stock) 234e May 1 April 17 to April 30Preferred (guar.) 134 May 1 April 17 to April 30

American Locomotive, preferred (quar.)_ _ 134 Apr, 21 Apr. 6 to April 21dAmerican Malt Corporation, preferred__ - 234 May 2 Apr. 16 to American Malting, preferred $1.55 May 1 Holders of rec. Apr. 15American Seeding Mach., corn. (quar.) 1 Apr. 15 Holders of rec. Mar.31a

Preferred (quar.) 134 Apr. 15 Holders of rec. Mar.31aAmerican Shipbuilding, pref. (quar.) 134 April 15 April 1 to April 15American Telep. & Teleg. (guar.) 2 Apr. 15 Holders of rec. Mar.31aAmerican Type Founders, common (guar.) 1 April 15 Holders of roe Apr. 104

Preferred (quar.) 134 April 15 Holders of rec. Apr 100American Woolen, pref. (quar.) (No. 56) 134 April 15 Mar. 25 to April 3AnacondaCopper Mining (qu.) (No. 50) 75e. Apr. 16 Holders of rec. Apr. 54Associated Gas & Electric, pref. (quar.)_ _ 135 Apr. 15 Holders of rec. Mar. 31Associated Merchants, first pref. (quar.)_ _ 134 Apr. 15 Holders of rec. Apr. 8a

First preferred (extra) 34 Apr. 15 Holders of rec. Apr. 84Second preferred (quar.) 13.6 Apr. 15 Holders of rec. Apr. 8aSecond preferred (extra) 34 Apr. 15 Holders of rec. Apr. 8a

Associated Oil 134 Apr. 15 Bell Telephone Co. of Canada (quar.)---- 2 Apr. 15 Holders of ree. Mar.25aBell Telephone of Pennsylvania (quar.)- - _ 134 Apr. 15 April 6 to April 15Bethlehem Steel Corporation. preferred__ 134 April 25 Holders of ree.April 10aBonbright(Wm.P.),Ine.,let pf.(qu.) (No.1) 1% Apr. 10 Holders of rec. Mar. 31Burns Brothers, preferred (No. 1) (I) May 1 Holders of rec. Apr. 19Canadian Car & Foundry, pref. (quar.).. 134 Apr. 25 Holders of rec. Mar. 31aCanadian WestInghouse,Ltd.(qu.) (No.33) I% Apr. 10 Holders of rec. Mar. 31Central Coal de Coke, common (quar.) 134 Apr. 15 Apr. 1 to Apr. 15

Preferred (quar.) 134 Apr. 15 Apr. 1 to Apr. 15Central & South Amer. Telegraph (quar.) - 134 Apr. 9 Holders of reo. Mar. 31aChicago Pneumatic Tool (quar.) 1 Apr. 25 Apr. 16 to Apr. 25Cincinnati Gas & Electric (quar.) 134 April 12 Mar. 15 to Mar. 21Claflin (H. B.), corn. (guar.) 134 April 15 Holders of rec. April 8aCommonwealth Gas & Elec. Cos., pf.(q11.) $1.25 Apr. 15 Holders of ree. Apr. 1Comput.-Tab.-Record. Co. (qu.) (No. 1)_ 1 Apr. 10 Holders of rec. Mar.31aCorn Products Refining, pref. (guar.) 134 April 15 Holders of rec. April 7aDayton Power & Light, pref. (quar.) 134 April 15 Holders of rec. Mar.31aDelaware Lack. & Western Coal (quar.)_ _ 234 Apr. 15 Holders of rec. Apr. laExtra 20 Apr. 15 Holders of rec. Apr. 14

Detroit Edison (guar.) 134 Apr. 15 Holders of rec. Mar. 310Distilling Co. of America, pref. (quar.)- _ 35 Apr. 30 Holders of rec. Apr. 19duPont (E. I.) de Nem. Pow., pref. (qu.) 134 Apr. 25 Apr. 16 to Apr. 25Eastern Steel, first preferred 134 Apr. 30 Holders of rec. Apr. 15Electrical Securities Corp., pref. (quar.)_ _ 134 May 1 Holders of rec. Apri1264Electrical Utilities Corp., com.(qu.) (No.3) 34 Apr. 15 Holders of rec. Apr. 6a

Preferred (quar.) (No. 12) 134 Apr. 15 Holders of reo. Apr. 5aEureka Pipe Line (guar.) 10 May 1 Holders of rec. April 15Galena-Signal Oil, corn. (pay. in corn. stk.) 50e May 15 Apr. 1 to Apr. 14General Electric (guar.) 2 April 15 Holders of rec. Mar. 14General Motors, preferred (quar.) 334 May 1 Flolders of rec.Apr. 154Goldfield Consolidated Mines 30e. April 30 Holders of rec, Mar.31aHomestake Mining (mthly.) (No. 461) 65e. Apr. 25 Apr. 20 to Apr. 25Indiana Pipe Line (quar.) $4 May 15 Holders of rec. Apr. 23International Banking Corporation 234 May 1 April 16 to April 30Diternal.Button-HoleSew.M .(gu.) (No.62) _ 1 April 15 Holders of rec. April 5

Extra (No. 2) 1 April 15 Holders of rec. April 5Internat. Harvester Co. of N. J.,com.(qu.) 134 Apr. 15 Holders of reo. Mar. 25Internat, Harvester Corp., corn. (guar.). - 134 Apr, 15 Holders of rec. Mar. 25International Nickel; common (quar.) - 3 June 2 May 15 to June 2

Preferred (quar.) 134 May 1 April 13 to May 1International Paper, preferred (quar.)_ _ _ _ 34 Apr. 15 Apr. 2 to Apr. 23Internat. Silver, pref. (on acct. ace. diva.) if May 15 May 2 to May 15Int. Smokeless Powder & Chem., preferred 4 May 15 Holders of reo. May 54Island Creek Coal, common (quar.) 50c. May 1 Holders of rec. April 26Kayser (Julius) & Co., 1st & 2d pref. (qu.) 134 May 1 Holders of rec. Apr.214La Belle Iron Works, common (guar.) 34 Apr. 30 Apr. 20 to Apr. 30La Rose Consolidated Mines (quar.) 234 Apri120 April 1 to April 17Lehigh Valley Coal Sales (quar.) $1.25 Apr. 21 Holders of rec. Apr. 10Loose-Wiles Biscuit, second pref. (guar)._ 134 May 1 April 16 to May 1MacAndrews & Forbes, common (quar.)_ _ 234 Apr. 15 Holders of rec. Mar.31aPreferred (quar.) 134 Apr. 15 Holders of ree. Mar.31a

Manufacturers' Ht. & Lt., Pittsb. (quar.). 134 Apr. 15 Apr. 1 to Apr. 15Massachusetts Gas Cos., common (guar.) $1 May 1 Holders of rec. Apr. 15Massachusetts I,tg. Cos. (guar.) (No. 38). 134 Apr. 15 Holders of rec. Mar.254MexicanLight & Power, Ltd., corn. (qu.)_ 1 Apr. 15 Apr. 6 to Apr. 14Mexican Petroleum, preferred (quar.) 2 April 20 Holders of roe. Mch.31aMexican Telegraph (quar.) 234 Apr. 16 Holders of rec. Mar.31aMilwaukee & Chicago Breweries, Ltd.__ 134 May 15 Holders of ree. Mar.13hMountain States Telep. & Teleg. (quar.) _ _ 134 Apr. 15 Holders of rec. Mar.31aNational Biscuit, corn. (quar.) (No. 59).... 134 Apr. 15 Holders of rec. Mch.284NationalCarbon, common (quar.) 134 April 15 April 6 to April 15National Fireproofing, preferred (quar.). - 1 Apr. 15 Holders of rec. Apr. 5New York Transit (guar.) 10 April 15 Holders of rec. Mch. 25Niagara Falls Power (quar.) 2 Apr. 15 [Solders of rec. Mar.314Nipissing Mines Co. (quar.) 5 April 21 April 1 to April 17Extra 234 April 21 April 1 to April 17

Northern States Power, pref. (par.) 134 April 15 Holders of rec. Mar.31aNova Scotia Steel & Coal, Ltd., corn. (qu.) 134 Apr. 15 Mar. 21 to Mar. 31

Preferred (guar.) 2 Apr. 15 Mar. 21 to Mar. 31Osceola. Consolidated Mining (quar.)- $3 Apr. 30 Holders of rec. Mar.293Otis Elevator, common (guar.) 1 April 15 Holders of rec. Mar. 31

Preferred (quar.) 134 April 15 Holders of rec. Mar. 31Pacific Telep. & Teleg., pref. (quar.) 134 Apr. 15 Apr. 1 to Apr. 15Pay-As-You-Enter Car Corp., pref. (gu.)_ _ 13( April 15 Holders of rec. April 7Pennsylvania Salt Mfg (No. 100) 6 April 15 Holders of rec. Mar. 31Pittsburgh Coal, preferred (quar.) 134 Apr. 25 Holders of rec. Apr. 154Pittsb. Term. Wards. & Trans. (mthly.) 1834e, Apr. 16 Apr. 9 to Procter & Gamble, preferred (quar.) 2 Apr. 15 Holders of rec. Mar. 31aQuakir Oats, common (quar.) 234 April 15 Holders of rec. April 1

Pre'erred (gear.) 134 May 31 Holders of rec. May 1-Railway Steel-Spring, common 2 May 20 May 2 to May 2Reece Buttonhole Mach. (guar.) (No. 108).. 3 April 16 Holders of rec. April 5Reynolds (R. J.) Tobacco (extra). 3 Apr. 10 Holders of rec. Apr. 1Rhode Isl. Perkins Horseshoe, pref. (qu.) _ 1 Apr. 16 Holders of rec. Apr. 3aShawinigan Water & Power (quar.)_ _ 134 Apr. 19 Holders of rec. Apr. 7Southern Calif. Edison, pf. (qu.) (No. 15) 134 Apr. 16 Holders of rec. Mar. 31Southern New England Telephone (guar.)__. 134 Apr. 15 Apr. 1 to Apr. 15Spring Valley Water. (quar.) 50e.

Ma . 31 Mar. 17 to Mar. 31

Standard Milling, preferred (No. 20)._. _ 234 April 15 April 6 to April 15Union Natural Gas Corp. (quar.) (No. 39) 234 Apr. 15 Holders of rec. Mar. 31Union Switch & Signal, corn. & pref. (cm.) 3 April 10 Holders of rec. Mar. 31United Cigar Mfrs., common (guar.) 1 May 1 Holders of rec.Apr. 244United Dry Goods Cos., common (quar.)_ 2 May 1 United Fruit (quar.) (No. 55) 2 April 15 Holders of rec. Mar.264United Gas Improvement (quar.) $1 April 15 Holders of rec. Mar.31aUnited Shoe Machinery, common (quar.)_ 50c April 15 Holders of rec. Mar. 18

Preferred (quar.) 37340 April 15 Holders of rec. Mar. 18U. S. Indus. Alcohol, pf. (qu.) (No. 26).... 13.4 Apr. 15 Holders of rec. Apr. 8aUnited States Rubber, common (guar.) 134 Apr. 30 Holders of rec. Apr.154

Pirst preferred (guar.) 2 Apr. 30 Holders of rec. Apr.15,4U. S. Smelt., Refg. & Min., corn. (quar.) 75c. Apr. 15 Holders of rec. Mar. 31

Preferred (quar.) 8734e. Apr. 15 Holders of rec. Mar. 31Utah Consolidated Mining 80c. Apr. 12 Mar. 30 to Apr. 15Virginia-Carolina Chem., pf. (qu.) (No.70) 2 Apr. 15 Apr. 1 to Apr. 15VulcanDetinnino, preferred (guar.) 134 Apr. 21 Holders of rec. Apr. 10Western States Gas & Electric, pref. (quar.) _ 13.4 April 15 Holders of rec. Mar. 31Western Union Telegraph (quar.) (No.178) 34 April 15 Holders of rec. Mar204Westinghouse Air Brake (quar.) 2 April 15 Holders of rec. Mar.31aExtra 2 April 15 Holders of rec. Mar.31aStock dividend 5g April 15 Holders of rec. Mar.31a

Westinghouse Elec. & Mfg., cons. (qtmr.)_ 1 Apr. 30 Holders of rec. Mar.31.4Preferred (quar.) 134 Apr. 15 Holders of rec. Mar.31a

Worthinglen (Henry R.), preferred 334 May 1 Holders of rec. April 19Young (J. S.) Co., corn. (quar.) 2 April 15 April 1 to April 5

Preferred (quar.) 13.4 April 15 April 1 to April 5

a Transfer books not closed for this dividend. b Less income tax. d Correction.e Payable in common stock. f On account of accumulated dividends. g Payablein stock. h Transfer books closed from May 2 to May 15, both days included.f At rate of 7% per annum for period from Jan. 13 1913 to May 1 1913.

National Banks.-The following information regardingnational banks is from the office of the Comptroller of theCurrency, Treasury Department:

CHARTER ISSUED TO NATIONAL BANK.March 20.

10,351-The Citizens' National Bank of Frankfort, N. Y. Capital, $50.-000. S. S. Richards, Pres.: II. S. Bostwick, Cashier.

VOLUNTARY LIQUIDATION.4,664-Tho First National Bank of Arlington, Mass., March 18 1913.

Succeeded by the Menotomy Trust Company of Arlington, Mass.Liquidating agent, John A. Easton, Arlington, Mass.

Breadatuffs Figures brought from page 1034.-Thestatements below are prepared by us from figures collected bythe New York Produce Exchange. The receipts at Westernlake and river ports for the week ending last Saturday andsince August 1 for each of the last three years have been:

Receipts at- Flour. Wheat. Corn. Oats. Barley. Rye.

bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.66 lbs.Chicago_ _ _ _ 146,000 310,000 1,086,000 1,389,000 615,000 64,000Milwaukee__ 39,000 127,000 140,000 212,000 286,000 37,000Duluth 438,000 2,000 94,000 110,000 3,000Minneapolis 1,694,000 79,000 151,000 302,000 30,000Toledo 7,000 34,000 21,000Detroit 8,000 1,000 54,000 55,000Cleveland _ 1,000 13,000 109,000 106,000St. Louis...... 49,000 362,000 206,000 279,000 16,000 6,000Peoria 44,000 55,000 145,000 119,000 79,000 14,000Kansas City 121,000 141,000 71,000Omaha 134,000 271,000 189,000

Tot. wk. '13 287,000 3,262,000 2,267,000 2,686,000 1,408,000 154,000Same wk. '12 275,074 2,269,104 3,009,982 3,135,774 498,642 117,926Same wk. '11 266,914 2,188,244 3,523,365 2,527,741 1,080,587 135,669Since Aug. 11912-13.- 12,526,520 295,746,966 171,773,228 170,850,688 81,989,330 142596421911-12._ 8,569,463 108,490,590 146,649,036 108,985,358 55,830,241 7,128,326lot ct.i 1 11.202.891 174.683.174 215.105.258 139.310.044 54.216.321 4.479.1118

Total receipts of f our and grain at the seaboard ports forthe week ended March 29 1913 follow:

Flour,Receipts al- bbls.

New York 178,000Boston 37,000Portland, Me 3,000Philadelphia 45,000Baltimore 31,000New Orleans._ 64,000Newport News_ _ _ Galveston Mobile 17,000Montreal 2,000 14,000 9,000 St. John 26,000 409,000 82,000

Total week 1913._ 403,000 1,867,000 1,593,000 742,000 508,000 66,000Since Jan. 1 1913_5,543,000 35,012,000 35,486,000 13,360,000 8074,000 861,000Week 1912 360,549 1,720,371 331,815 870,157 223,733 26,686Since Jan. 1 1912_4,247,719 15,631,872 20,365,30a 0,398,986 2477,154 183,904

*Receipts do not include grain passing through New Orleans for foreign portson through bills of lading.

The exports from the several seaboard ports for the weekending March 29 are shown in the annexed statement:

Peas,bush.6,785

Ryebush

10,0001,000

52,000

3,000

Wheat,bush,

Corn,bush,

Oats,bush.

Barley,bush.

515,000 60,000 398,000 143,000146,000 205,000 61,000 142,000 60,000 18,000 18,000 110,000 121,000 2,000

293,000 829,000 111,000 251,000 77,000 24,000

180,000 283,00079,000 12,000

60,000

Wheat, Corn, Flour, Oats, Rye, Barley,Exports from- bush, bush. bbls. bush, bush, bush.

New York 750,974 130,208 79,190 48,820 19,532 20,284Portland, Me_ 142,000 60,000 3,000 18,000 Boston 222,882 264,741 9,433Philadelphia 110,000 103,000 19,000Baltimore 133,766 1,086,352 8,693 New Orleans_ _ _ .. 66,000 181,000 17,500 5,000 Newport News 180,000 283,000Galveston 9,500 Mobile 60,000 17,000 Montreal St. John 409,090 26,000 82,000

Total week_ _ __1,834,612 2,065,301 189,325 71,820 19,532 385,284Week 1912 1,487,3113 659,578 153,481 34,050

The destination of these exportsJuly 1 1912 is as follows:

-Flour-Since

Week July 1Exports for wetland Mch.29. 1912.

since July 1 to- bids. bbls.United Kingdom__ 87,191Continent 40,734Sou. & Cent. Amer.. 14,029West Indies 40,788Brit. Nor. Am. Cols 1,403Other Countries. 4,280

Tntal 189,000Total 1911-12 153,481

8,785683

for the week and since

-WheatSince

TVeek July 1Mch. 20. 1012.

bush. bush.

--corn Since

Week July 1Mch. 29. 1912.

bush. bush.11,536,00a18,971,737

592,1951,485,206

47,762137,690

32,771,49830,707,296

The world's shipments of wheat and corn for the weekending March 29 1913 and since July 1 1912 and 1911 areshown in the following:

3,966,212 776,409 61,179,955 847,2421,695,268 1,018,447 59,836,139 1,121,440953,154 30,026 840,502 15,525

1,522,621 105,506 80,58273,095 512

301,438 3,730 2,087,951

8,511,788 1,834,612 124050,053 2,065,3017,064,258 1,487,363 66,827,930 659,578

Experts.

Wheal. Corn.

1912-13. 1911-12. 1912-13. 1911-12.

Week. Since Since Week. Since SinceMar. 20. July 1.

IJuly 1. Mar. 29.1 July 1. July 1.

Bushels. Bushels. Bushels. Bushels. I Bushels. Bushels.North Amer.8,688,000 190,566,000 131,036,000 1,980,000 30,947,000 28,049,000Russia 720,000 81,307,000: 63,854,000 196,000, 7,681,000 33,508,000Danube _ _ _ _ 1,112,000 45,287,0001 60,873,000 340,000 11,119,000 62,042,000Argentina _ _ 6,104,000 86,046,000 43,962,000 1,783,000 171,661,000 281,000Australia _ 1,192,000 31,000,000: 42,588,000 India 488,000 44,720,000, 33,740,000 0th. countr's 216,000 6,278,000, 8,301,000

Total ____ 13520000486,204,000384,360,0004,308,000 221,408,000 123,878,000

The quantity of wheat and corn afloat for Europe on datesmentioned were as follows:

TV/teal. Corn.

United UnitedKingdom. Continent. Total. Kingdom. Continent.I Total.

Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.Afar. 29 1913.._ 24,336,000 33,152,000 57,488,000 3,953,000 7,973,000 11,926,000Mar. 22 1913.._ 24,456,000 35,176,000 50,632,000 5,117,000 8,024,000 13,141,000Mar. 30 1012_ _ 32,400,000 17,162,000 49,552,000 3,273,000 6,009,0001 9,282,000Anril 1 1011_ 58.056.000 2,975.000 6,350,000 9,325,000


APR. 5 1913.1 THE CHRONICLE 997

Auction Sales.—Among other securities, the following,not usually dealt in at the Stock Exchange, were recently sold atauction in New York, Boston and Philadelphia:By Messrs. Adrian II. Muller & Sons, New York:

Shares. Per cent.All the assets and effects ofStandard Cotton CompressCo

100 H. B. Clanin Co. 1st pref 80450 Germania Bank 475106 Hamilton Bank Note Co__ _ _$60 lot15 Nat. Butch. & Drovers' Bank_13135 Gordon Batt. Co., com.$50 ea10 Clark Mfg. Co., $10 each. _ _ _5 Sterling-Meaker Co., pref _ _10 Sterling-Meaker Co., com____ $6 lot8 EisenhuthllorselessVehIcleCo.

145 White Knob Cop. Co. ,$10 ea_100 Amer. Bicycle Co., pref

Shares. Per cent.6 Swift & Co 105412 United Fruit Co 170%10 U. S. Light & Heat Co., pref 63%

Bonds. Per cent.$25,000 D. D. E. Bway. & Batt.RR. Co. 5% certifs. of indebt.,1914 (Trust Co. receipts) 36-384

$1,000 Bklyn. & Montauk RR. 2d5s, 1938, J. & D 1053

$1,000 Rockford Gaslight & CokeCo. 59, 1950, M. & S 92

$8,000 Indiana Lighting Co. 1st 4s,1958, F. & A 643's

By Messrs. Francis Henshaw & Co., Boston:Shares. $ per sh. Shares. 1 per sh.8 York Manufacturing Co 115 110 Pacific Mills 119%

By Messrs. R. L. Day & Co., Boston:Shares. $ per sh.30 Commercial National Bank.. __ _1661 Warren Nat. Bank (Peabody)__1055 Beverly (Mass.) Nat.Bk.,ex-div.1521 Lyman Mills 12016 Pere Marq. RR. 1st pt., undepos 15

By Messrs. Barnes & Lofland, Philadelphia:Shares. 1 per sh.10 Northern National Bank 206%2 Penn Nat. Bank, $50 each 1907 John B. Stetson Co., com_ _400-400425 Ins. Co. of N. Am., $10 each.... 2144 Alliance Ins. Co., $10 each 1544 Phila. Bourse, corn., 350 each 422 Phila. Bourse, pref., $25 each 1665 Rights to subscribe to Fidelity

Trust Co. at 3100 5084-51311 Farmers' & Mech. Nat. Bank _ _1403 Finance Co. of Penn., 1st pref_ _1131 Penn. Co. for Insurance ,&c_ _ _65045 Pennsylvania Fire Ins. Co_ _ _ _398-40016 Elmira & Wmspt. RR., pref.,

$50 each 703434 Green & Coates Sta. Pass. Ry_12041 Continental Passenger Ry 1223 13th & 15th Streets Pass. Ry__ _241

Shares. $ per sh.20 Con. & Mont. RR., class 4..__130-131

94 Pope Mfg. Co., Preferred 533412 Pope Mfg. Co., common 1710 Portland Electric Co., preferred.100

Shares. 1 perch.5 John B. Stetson Co., pref_ _180-180%57 American Pipe & Construe. Co_ _ 6012 J. G. Brill Co., preferred 100541 De Long Hook & Eye Co 9910 Standard Roller-Bear's Co., pf_ 12345 German Comm. Acc. Co.,310 ea. 65.1

Bonds. Per cent$2,000 Southern Trac. Co. of Pitts_ 8031,000 Phila. Bourse 1st 5s 100$1,000 Standard C. I. Pipe & Fdy 80$2,000 N. Ind. Gas & Elec. Co. let

ref. 5s, 1929 9034$000 N. SprIngf. Water Co. 5s, 1928 94$1,000 Springf. Water Co. 5s, 1926_ 9434$7,000 Union Elec. Telep. & Teleg.Co. 1st 5s, 1922, Aug. 1908 coup.on $75 lot

By Messrs. Samuel T. Freeman & Co., Philadelphia:Shares. $ per sh. Bonds. Per cent.10 Amer. Pipe & Construction Co_ _ 60 I $100 Philadelphia City 334s, 1932.... 924

Statement of New York City Clearing-House Banksand Trust Companies.—The detailed statement belowshows the condition of the New York City Clearing-Housemembers for tho week ending Mch. 29. The figures for theseparate banks are the averages of the daily results. Inthe case of totals, actual figures at the end of the weekare also given.For definitions and rules under which the various items

are made up, see "Chronicle," V. 85, p. 836, in the case of thebanks, and V. 92, p. 1607, in the case of the trust companies.

DETAILED RETURNS OF BANKS.We omit two ciphers (00) in all cases.

Banks.00s omitted.

Capital. Surplus. Loans.Average.

$20,301,029,200,019,007,053,184,023,536,0173,946,028,549,00,356,02,212,09,012,0

40,465,0128,345,04,759,019,263,02,322,0

73,149,022,826,011,101,09,434,012,704,048,922,024,831,083,201,01,461,0

29,392,013,454,0

108,573,034,189,03,446,08,862,04,157,0

91,443,013,121,03,574,05,267,014,086,09,192,03,817,012,955,04,228,023,108,021,546,09,147,017,815,011,798,06,270,08,884,07,658,0

Specie.Average.

13,620,06,069,03,674,09,673,04,254,0

40,345,04,155,01,413,0447,0

2,393,08,217,017,615,0

560,03,319,0458,0

15,925,04,919,01,686,01,580,.02,982,08,419,03,386,019,545,0

300,05,352,03,160,0

24,485,05,037,0835,0

1,449,0872,0

21,580,02,599,0558,0

1,264,03,000,02,252,0395,0

1,701,0898,0

4,915,03,980,02,492,05,402,02,520,01,096,01,970,01,370,0

Legals.Average.

1925,0

1,555,01,273,03,246,01,831,05,625,01,982,0191,062,0185,0

1,929,08,700,0645,0

1,578,0147,0

5,291,0611,0

1,255,0935,0270,0

6,194,01,940,01,846,0118,0

2,950,0161,0

3,471,03,452,0

95,0724,0222,0

4,975,01,153,0345,0254,0607,0288,0642,0

1,788,0281,0

2,139,02,031,0341,0386,0

1,269,0401,0350,0187,0

Net Depot-its, Aver.

Re.serve.

New York_-

—Manhattan CoMerchants% ...Mech.&MetalsAmerica City Chemical

_- Merchants' ExButch.&Drov.Greenwich .._Am. Exch. _ Commerce Pacific Chat. & Phen_People's Hanover Citizens' Cent.Nassau Market&Fult_Metropolitan _CornExchangeImp.&TradersPark East River.. _ _Fourth Second First Irving Bowery N.Y. County_German-Amer.Chase Fifth Avenue_German Exch.Germania Lincoln Garfield Fifth Metropolis ..._West Side Seaboard Liberty N.Y. ProdEx.State Security Coal & Iron_Union Exch...Nassau, Bkiyn

Totals, Avge_

12,000,02,050,02,000,06,000,01,500,0

25,000,03,000,0600,0300,0500,0

5,000,025,000,0

500,02,250,0200,0

3,000,02,550,01,000,01,000,02,000,03,000,01,500,05,000,0250,0

5,000,01,000,0

10,000,04,000,0250,0500,0750,0

5,000,0100,0200,0200,0

1,000,01,000,0250,0

1,000,0200,0

1,000,01,000,01,000,01,000,01,000,01,000,01,000,01,000,0

$4,212,84,960,12,077,68,847,76,381,330,006,07,394,0506,4122,8

1,032,34,703,616,578,7

963,41,293,5473,6

14,123,42,254,2461,4

1,901,31.803,55,911,57,718,713,745,2

59,55,832,32,601,3

21,967,33,248,1791,3

1,961,6715,2

9,906,72,225,1815,8

1,056,41,710,21,261,4481,7

2,251,8924,0

2,356,32,782,9910,0560,3442,8537,4960,0

1,138,0

$17,299,031,400,018,757,051,402,022,766,0166,136,024,730,06,341,02,057,010,203,038,584,0102,250,04,448,019,567,02,342,0

80,703,021,451,012,345,09,415,012,984,057,269,021,482,084,408,01,673,0

30,379,012,636,0

100,484,033,664,03,649,08,921,04,025,0

102,036,014,804,03,568,06,054,014,103,09,588,04,167,013,137,04,880,026,624,023,220,010,656,022,846,014,297,06,155,08,847,06,239,0

%26.224.226.325.126.727.624.825.224.625.226.225.727.025.025.826.225.723.826.725.025.524.725.325.027.326.227.825.225.424.327.226.025.325.325.025.526.424.826.524.126.525.826.625.326.524.326.225.0

133,650,0 204,973,3 1314,068,0 264,125,0 76,844,0 1304,901,0 26.1

Actual figures March 29 1319,839,0 260,779,0 75,175,0 1315,580,0 26.21

DETAILED RETURNS OF TRUST COMPANIES.

Trust Co..00s omitted.

Surplus. Loans.Average.

Specie.Average.

Legate.Average.

On Dep.withC.H.Banks.

NetDeposits.Average.

Reserve.

$ i $ $ I a V.Brooklyn 3,784,3 24,135,0 2,205,0 734,0 2,578,0 18,760,0 15.6+12.0Bankers' 15,733,3 117,903,0 13,729,0 71,0 10,397,0 91,933,0 15.0+10.1U. S. M. & T.. 4,554,0 36,729,0 4,305,0 347,0 3,794,0 31,006,0 15.0+10.8Astor 1,300,2 19,965,0 1,981,0 100,0 1,611,0 13,906,0 15.0+10.2Title Guar.&T. 11,469,0 34,836,0 2,239,0 1,232,0 2,442,0 22,806,0 15.2+ 0.2Guaranty 24,240,8 171,642,0 17,391,0 979,0 13,736,0 119,201,0 15.4+10.3Fidelity 1,315,5 7,337,0 632,0 235,0 747,0 5,641,0 15.3+11.1Lawyers 6,085,2 17,147,0 1,317,0 512,0 1,368,0 12,009,0 15.2+10.2Col.-KnIcker_ 7,222,4 47,653,0 5,130,0 800,0 4,446,0 39,352,0 15.0+10.1People's 1,665,1 16,433,0 1,881,0 402,0 1,713,0 15,148,0 15.0+10.0New York 11,866,3 44,421,0 3,824,0 738,0 3,333,0 30,081,0 15.1+10.0Franklin 1,242,2 8,918,0 942,0 139,0 832,0 6,956,0 15.5+10.6Lincoln 567,5 10,731,0 1,207,0 233,0 1,065,0 9,521,0 15.1+10.0Metropolitan _ 6,187,9 22,121,0 1,966,0 9,0 1,754,0 12,961,0 15.2+11.9Broadway 612,1 8,577,0 934,0 354,0 958,0 8,405,0 15.3+10.1

Totals, Avge 97,845,8 588,448,0 59,683,0 6,885,0 50,774,0 437,686,0 15,2+10.3

Actual figures Mar. 29 592,374,0 59,685,0 6,702,0 52,329,0 444,556,0 14.9+10.4

The capital of the trust compan as is as follows: Brooklyn, $1,500,000; Bankers.$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; TitleGuarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;Lawyers' Title Insurance dr Trust, $4,000,000: Columbia-Knickerbocker, $2,000,000:People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,-000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000.

SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.

WeekendingMar. 29

Capital. Surplus. Loans. Specie. LegalTenders.

On Dep.with C.HBanks.

NetDeposits.

Averages.Banks _ _ _Trust cos-

-Actual.

Banks _Trust cos..

Total__

133,650,0204,973,345,750,0 97,845,8

1,314,068,0264,125,0 76,844,0588,448,0 59,683,01 6,885,0

1,304,991,050,774,0 437,686,0

179,400,0302,819,1 1,902,516,0323,808,0

1,319,839,0 269,779,592,374,0 59,685,

83,729,0

75,175,06,702,0

50,774,0 1,742,677,0

1,315,580,052,329,0 444,556,0

1,912,213,01329,464,0 81,877,0 52,329,01,760,136.0

The State Banking Department also 'furnishes weeklyreturns of the State banks and trust companies under itscharge. These returns cover all the institutions of this classin the whole State, but the figures are compiled so as todistinguish between the results for New York City (GreaterNew York) and those for the rest of the State, as per thefollowing:For definitions and rules under which the various tem

are made up, see "Chronicle," V. 86, p. 316.

STATE BANKS AND TRUST COMPANIES.

Week ended March 29.State Banks.

inGreater N. F.

Trust Co..in

Greater N. F.

State Banks.outside of

Greater N. Y.

Trost Coe.outside of

Greater N. Y .

$ $ $ iCapital as of March 7____ 22,850,000 65,900,000 8,708,000 11,950,000

Surplus as of March 7__ 38,888,200 168,762,700 12,932,285 16,524,200

Loans and investments__ 294,883,900 1,077,718,600 116,738,100 180,420,200Change from last week_ —1,916,800 —2,394,900 +158,600 —48,300

Specie 52,536,800 116,929,700 ..Change from last week.. —1,856,200 —13,300

Legal-tender & bk. notes.. 21,450,700 10,645,900 Change from last week.. +1,051,300 —151,300

Deposits 335,021,000 1,127,893,800 121,890,700 184,069,300Change from last week_ —4,138,200 —5,368,600 —528,200 —663,600

Reserve on deposits 88,235,300 133,614,500 21,777,600 20,940,500Change from last week.. —1,045,600 —364,000 —381,700 —471,000

P. C. reserve to deposits_ 27.17 16.57 19.0% 12.3%Percentage last week 27.17: 16.47: 19.2% 12.5%

+ Increase over last week. — Decrease from last week.

Note.—"Surplus" includes all undivided profits. -'Reserve on deposits" includesfor both trust companies and State banks, not only cash items but amounts duefrom reserve agents. Trust companies in New York State are required by law tokeep a reserve proportionate to their deposits, the ratio varying according to lo-cation as shown below. The percentage of reserve required is computed on theaggregate of deposits, exclusive of moneys held in trust and not payable withinthirty days, and also exclusive of time deposits not payable within thirty daysrepresented by Certificates, and also exclusive of deposits secured by bonds orobligations of the State or City of New York, and exclusive of an amount equal tothe market value (not exceeding par) of bonds or obligations of the State or Cityof New York owned by the bank or held in trust for it by any public department.The State banks are likewise required to keep a reserve varying according to loca-tion, the reserve being computed on the whole amount of deposits exclusive of timedeposits not payable within thirty days, represented by certificates (accordingto the amendment of 1910), and exclusive of deposits secured (according to amend-ment of 1911) by bonds or obligations of the City or State of New York, and ex-clusive of an amount equal to the market value (not exceeding par) of bonds orobligations of the State or City of New York owned by the company or held in truesfor it by any public department.

—Trust Cos.— —State Banks—Reserve Required for Trust Companies Total Of Total Of

and State Banks. Reserve which Reserve whichLocation— Required. in Cash. Required. in Cash.

Manhattan Borough % 15% 25% 15%Brooklyn Borough (without branches In Manhat.)15% 10% 20% 10%Other Boroughs (without branches in Manhattan)15% 10% 15% 734%Brooklyn Borough, with branches in Manhattan. 15% 15% 20% 20%Other Boroughs, with branches in Manhattan. ....15% 15% 15% 15%

5%3%

Cities of the first and second class 10%Cities of the third class and villages 10%Elsewhere in State "OK,

The Banking Department also undertakes to present sepa-rate figures indicating the totals for the State Banks andtrust companies in Greater New York not in the Clearing110U88. These figures are shown in the table below, as areCirculation.—On the basis of averages, circulation of national banks in the Clearing

House amounted to $46,279.000, and according to actual figures was 346,340,000, also the results (both actual and average) for the Clearing-


998 THE CHRONICLE EvoL. xcvi.

House banks and trust companies. In addition, we haveoombined each corresponding item in the two statements,thus affording an aggregate for the whole of the banks andtrust companies in the Greater New York.

NEW YORK CITY BANKS AND TRUST COMPANIES.

Clear.-House

ActualFigures

Clear.-House

Average.

State Banks and

in C.-H. Aver.

Total of all

Cos. Average

8 8 16 8(

179,400,000 179,400,000 27,550,000 206,950,001

302,819,100 302,819.100 77,586,800 380,405,90(

i 1,912,213,000 1,902,516,000 668,775,000 2,471,291,000: A-14,618,000 -5,385,000 -2,367,800 --7,752,800

1,760,136,000 1,742,677,000 a569,120,800 2,311,797,801: +21,548,000 -5,896,000 -2,651,300 -8,547,301

. 329,464,000 323,808,000 65,514,200 389,322,201; +7,908,000 +2,340,000 +488,700 +2,828,701

81,877,000 83,729,000 b8,233,600 91,962,601-961,000 +329,000 +28,200 +357,200

344,954,000 340,969,000 12,740,400 353,709,40026.22% 26.12% 14.28%

66,387,000 66,568,000 61,007,400 127,575,400

411,341,000 407,537,000 73,747,800 481,284,800+6,947,000 +2,669,000 +516,900 +3,185,000

52,329,000 50,774,000 14,466,100 66,239,100+2,456,000 +1,840,000 -588,800 +1,251,200

463,670,000 458,311,000 88,212,900 546,523,000+9,403,000 +4.509,000 -71,900 +4,437,100

-16,059,000 14,721,250dot .296,400 sur.915,100

15,762,600 15,636,350+2,206,400 +3,843,600

us t cos-14.93% 15.20% 16.13%10.49% 10.39% .92%

25.42% 25.59% 17.05%

Week ended March 29 Members. Members. Trust Cos. Not Banks & Trus

'Nat. BanksCapital Feb. 4 and

State BanksSurplus March 7_ _ _

Loans and investmentChange from last wee

DepositsChange from last wee

SpecieChange from last wee

Legal tendersChange from last wee

Banks: cash in vault_Ratio to deposits_ _ _ _

Trust cos.: cash in vault

Aggr'te money holdingChange from last wee

Money on deposit withother bks. dr trust cos_

[ Change from last week

[Total reserve [Change from last week

Surplus CASH reserveBanks (above 25%)_ _Trustees. (above 15%)

'Total I Change from last week

% of cash reserves of trleash in vault , Cash on dep. with bks.

[Total

+ Increase over last week. - Decrease from last week.a These are the deposits after eliminating the item "Due from reserve depositories

and other banks and trust companies in New York City"; with this item included,deposits amounted to $623,914,100, a decrease of $2,030,200 from last week. Inthe case of the Clearing-House members, the deposits are "legal net deposits" bothor the average and the actual figures. b Includes bank notes.

The averages of the New York City Clearing-House banksand trust companies, combined with those for the State banksand trust companies in Greater New York outside of theClearing-House, compare as follows for a series of weeks past:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES INGREATER NEW YORK.

We omit two ciphers in all these figures.

Week Muted-I==.•••

Loans andInvestments

Jan 25 Feb. 1 Feb. 8 Feb. 15 Feb. 21 Mch. 1 Mch. 8 Mch. 15 Mch. 22Mob_ 29

Deposits. Specie.

2,517,393,4 2,396,487,8 414,841,62,533,418,3 2,398,302,9 416,961,12,564,228,6 2,419,986,9 412,466,42,571,113,0 2,424,340,1 404,821,22,555,815,1 2,404,481,0 403,299,82,537,706,3 2,384,828,3 399,729,82,537,841,3 2,384,382,3 394,970,92,520,950,6 2,365,131,7 391,172,52,479,043,8 2,320,345,1 386,493,52,471,291,0 2,311,797,8 389,322,2

Legals.Tot fancy.Holdings.

EntireResonDeposit

92,842,8 607,684,4 580.518,791,799,4 508,760,5 587,223,989,653,6 502,120,0 577,993,290,272,9 495,094,1 563,805,889,929,4 493,229,2 560,069,589,767,5 489,497,3 558,004,189,618,7484,580,6 552,648,900,547,2 481,719,71547,076,991,605,4 478,098,9 542,086,891,962,6 481,284,8 546,523,9

Reports of Clearing Non-Member Banks.-The follow-ing is the statement of condition of the clearing-non-memberbanks for week ending Mch. 29, based on average daily results:

We omit two ciphers (00) In all these figures.

Banks.

New York Cityfanhattan and Bronx.Aetna Rational Washington Heights_Battery Park Nat _ _ _ _Century Colonial Columbia Fidelity Mount Morris Mutual New Netherland Twenty-third Ward_ _Yorkville

Brooklyn.First National Manufacturers' Nat.._Mechanics' National City North Side

Jersey City.First National Hudson County Nat..Third National

Hoboken.First National Second National

Capi-tal.

500,0100,0200,0500,0400,0300,0200,0250,0200,0200,0200,0100,0

300,0232,0

1,000,0300,0200,0

400,0250,0200,0

220,0125,0

Sur-Plus.

Loans,Disc'tsand

Invest-ments.

545,1350,4108,3507,5615,9758,1178,8346,8461,0305,5101,8527,4

694,3916,8639,1572,9176,8

1,362,9816,1425,4

657,4277,8

3,014,01,642,01,602,05,845,06,695,06,499,01,053,02,419,05,533,03,542,01,915,04,395,0

3,637,05,841,010,623,04,533,02,523,0

4,702,03,106,02,429,0

4,254,03,344,0

Specie.

594,0159,0297,0661,0933,0588,059,0

395,0614,0356,0235,0636,0

321,0487,0

1,338,0515,0196,0

275,0183,088,0

248,0215,0

LegalTenderandBankNotes.

70,0107,080,0400,0311,0490,0116,046,0

436,0118,0101,0189,0

90,0298,0652,0145,0123,0

276,071,0152,0

49,056,0

OnDepositwithC.-H.Banks,

81,0212,0143,0479,0813,0699,008,0326,0549,0419,0260,0606,0

482,0536,0

1,569,0669,0273,0

2,023,0418,0507,0

355,0372,0

NetDeposits

2,654,01,409,01,684,06,629,06,923,07,210,0995,0

2,669,05,877,03,575,02,086,04,848,0

2,923,06,312,012,721,04,509,02,561,0

3,492,01,658,01,479,0

1,675,01,525,0

Totals March 29_ _Totals March 22__Totals March 15__

6,597,06,597,06,597,0

11,346,111,346,111,346,0

89,146,089,974,089,614,0

9,393,09,223,09,361,0

4,376,04,315,04,204,0

11,889,011,727,012,605,0

84,414,084.776,084,317,0

Boston and Philadelphia Banks.-Below is a summaryof the weekly totals of the Clearing-House banks of Bostonand Philadelphia:

We omit two ciphers (00) in all these figures.

Banks.Capitaland

Surplus.

Boston.Feb. 8 Feb 15 Feb. 21 Mch. 1 Mch. 8 Mch. 15 Mch. 22 Mch. 29 PhiladelphiaFeb. 8 Feb 15 Feb. 21 Mch. 1 Mch. 8 Mch. 15 Mch. 22 Mch. 29

60,735,460,735,460,735,460,735,460,735,460,735,460,735,460,735,4

103,684,3103,684,3103,684,3103,684,3103,684,3103,684,3103,684,3103,684,3

Loans. Specie. Legals. Deposits.a

Circu-lation.

Clearings

$227,424,0 24,415,0 3,861,0 271,821,0 8,144,0 190,646,6234,657,0 22,979,0 4,006,0 271,308,0 8,078,0 166,718,8238,613,0,24,733,0 3,676,0 280,367,0 8,049,0 169,022,6224,826,0 24,768,0 3,554,0 270,362,0 8,028,0 188,959,2225,870,0 24,294,0 3,159,0 262,128,0 8,057,0 180,046,4229,396,0 23,758,0 3,246,0 264,164,0 8,015,0 156,354,1228,665,023,016,0 3,455,0 258,752,0 7,998,0 151,313,9225,916,0 23,873,0 3,279,0

1256,227,0 7,990,0 150,794,9

380,282,0 90,875,0 *416,803,0 14,928,0 173,755,2380,793,0 91,567,0 *424,245,0 14,635,0 150,318,4379,536,0 91,406,0 *422,174,0 14,106,0 142,569,2379,036,0 89,730,0 *422,067,0 13,597,0 177,098,8380,679,0 86,748,0 *415,430,0 13,293,0 174,609,1379,855,0 84,383,0 *412,101,0 13,019,0 159,121,0376,513,0 83,602,0 *410,323,0 12,736,0 144,987,8374,392,0 83,895.0 *404,847,0,12,222,01154,303,4

a Includes Government deposits and the item "due to other banks." At BostonGovernment deposits amounted to $1,254,000 on March 29, against $1,371,000 onMarch 22.* "Deposits" now include the item of "Exchanges for Clearing House," which

were reported on March 29 as $13,947,000.

Imports and Exports for the week.-The following arethe imports at New York for the week ending Mch. 29; alsototals since the beginning of the first week in January:

FOREIGN IMPORTS AT NEW YORK.

For Week. 1913. 1912. I 1911. I 1910.

Dry Goods $2,707,347 $2,535,0361 82,656,5111 $3,287,461General Merchandise 16,624,345 18,581,2251 17,427,196, 16,000,964

Total 819,331,692 $21,116,2611 $20,083,7071 $19,288,425Since January 1.

Dry Goods $43,422,229 $40,436,6661 $42,015,0981 $47,763,887General Merchandise 222,682,533 214,409,6491 183,575,444, 210,768,869

Total 13 weeks $266,104,762 $254,846,315,8225,590,542 8258,532,756! I 1

The following is a statement of the exports (exclusive ofspecie) from the port of New York to foreign ports for theweek ending Mch. 29 and from Jan. 1 to date:

EXPORTS FROM NEW YORK.

1913. 1912. 1910.

For the week Previously reported

Total 13 weeks

321,648,0511 $16,931,353 $14,727,019 $11,062,189229,981,8591 199,563,503 184,911,083 152,024,447

$251,629,910 $216,494,856 $199,638,102 $163,086,636

The following table shows the exports and imports ofspecie at the port of New York for the week ending Mch. 29and since Jan. 1 1913 and for the corresponding periods in1912 and 1911:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK,

Gold.Exports, Imports.

Week. Since Jan.1 Week. Since Jan.l.

Great Britain France Germany West Indies Mexico South America All other countries

Total 1913 Total 1912 Total 1911

Silver.Great Britain France Germany West Indies Mexico South America All other countries

Total 1913 Total 1912 Total 1911

$100

109,760

23,329,401714,000112,0513,124

21,828,639970,053

$12,13948

1,440184,459102,2086,622

$46,60253,723

48212,833

2,701,726762,935442,812

$109,86020,100

351,767

$901,773

575

200

$46,957,26819,490,6661,578,362

$11,617,6571,412,949

8,501

3,950800

$306,916366,897104,280

$1,76181

5,751103,76426,6427,350

$4,220,7695,632,3942,763,175

$13,27912,8104,16972,202

1,516,053689,269286,245

$902,548827,068870,784

$13,043,85712,690,70412,246,699

$145,349259,75085,616

$2,594,0272,868,7961,774,133

Of the above imports for the week in 1913, $2,010 wereAmerican gold coin and $39 American silver coin.

Vanking and rinandat

Railroad and Industrial StocksWrite for our Circular No. 614 entitled 'Railroad and Industrial

Stocks," which describes 124 issues listed on the New York StockExchange, and classified by us as followas: Investment Stocks, Semi-Investment Stocks, Speculative Stocks.

Spencer Trask & Co.43 EXCHANGE PLACE-NEW YOR C.

Chicago, III, Boston, Mass. Albany, N. Y.

dembers Neto,York Stock Exchange.

White, Weld & Co.Bonds and Investment Securities.

14 WALL STREET THE ROOKERY 111 DEVONSHIRE STREET

NEW YORC CHICAGO BOSTON



Vantiers' iazette.Wall Street, Friday Night, April 4 1913.

The Money Market and Financial Situation.-No

better illustration was probably ever given of the esteem and

confidence with which the public regards one who is univer-

sally known as an upbuilder and upholder of industry and

enterprise than has this week been seen. Because of this

esteem and confidence the passing of the most prominent

figure in the financial and industrial world has caused not

a ripple of disturbance or excitement in the security markets

here or elsewhere. Rarely, indeed, has an entire week passedwith less disturbance or irregularity of values than is now theease. Incidentally, one can but wonder who may be reliedupon in time of alarm or panic in Wall Street to successfullystand in the place left vacant. It is also interesting to notethat security values have, except in a few isolated cases,been unaffected by the most widespread and disastrousfloods ever known in this country. Evidently the steadyadvance throughout the week is the result of a more cheerfulfeeling now prevailing in financial circles, as well as elsewhere.As a favorable influence, there has been a decided improve-

ment in the financial situation abroad. The Bank of Eng-land reports a substantial increase in its precentage of re-serve, and at Berlin rates are lower than for some time past.In this market rates for both call and time loans show a down-ward tendency. The copper metal market is decidedlystrong and prices are advancing, indicating a larger demandfrom consumers. On the other hand, the railroads in thisState and in New Jersey are further handicapped by the pas-sage of apparently needless laws, and some roads, whileshowing a large increase in gross earnings, are now unable tokeep their net income up to the standard of last year.The open market rates for call loans at the Stock Exchange

during the week on stock and bond collaterals have rangedfrom 23'@7%. Friday's rates on call were 3@4%.Commercial paper on Friday quoted at 514@6% for 60 to90-day endorsements and for prime 4 to 6 months' singlenames and 6@63/2% for good single names.The Bank of England weekly statement on Thursday

showed a decrease in bullion of £237,336 and the percentageof reserve to liabilities was 41.85, against 39.66 last week.The rate of discount remains unchanged at 5% as fixedOct. 17. The Bank of France shows an increase Of 10,666,-000 francs gold and 3,055,000 francs silver.

NEW YORK CLEARING-HOUSE BANKS.

(Not Including Trust Companies.)

1913.Averages forweek endingMarch 29.

Differencesfrom

previous week.

1912.Averages forweek endingMarch 30.

1911.Averages forweek endingApril 1.

$ $ $ $Capital 133,650,000 135,150,000 134,150,000Surplus • 204,973,300 199,918,500 200,234,400Loans and discounts_ 1,314,068,000 Dec. 5,110,000 1,423,810,000 1,353,773,400Circulation 46,279,000 Inc. 43,000 49,414,000 45,705,700Net deposits 1,304,991,000 Dec. 2,902,000 1,449,113,000 1,392,614,800Specie 264,125,000 Inc. 2,646,000 290,890,000 301,875,700Legal tenders 76,844,000 Inc. 481,000 77,134,000 75,693,300

Reserve held 340,969,000 Inc. 3,127,000 368,024,000 377,569,00025% of deposits 326,247,750 Dec. 725,500 362,278,250 348,153,700

Surplus reserve 14,721,250 Inc. 3,852,500 5,745,750 29,415,300

Note.-The Clearing House now issues a statement weekly, showing the actualcondition of the banks on Saturday morning, as well as the above averages. Thefigures, together with the returns of the separate banks and trust companies, alsothe summary issued by the State Banking Department, giving the condition of Statebanks and trust companies not reporting to the Clearing House appear on the secondpage preceding.

Foreign Exchange.-While quiet, the market for ster-ling exchange this week has, on the whole, ruled steady.There have been the usual April demands for dividends andinterest payments to foreign holders of American securities.To-day's (Friday's) nominal rates for sterling exchange were 4 84 for

sixty-day and 4 88 for sight. To-day's actual rates for sterling exchangewere 4 8325©4 8335 for sixty days. 4 871504 8725 for cheques and4 876504 8775 for cables. Commercial on banks 4 81304 8234 anddocuments for payment 4 8234 ©4 83. Cotton for payment 4 823-I 04 83and grain for payment 4 8304 8314.The posted rates for sterling, as quoted by a representative house, were

not changed during the week from 4 84 for sixty days and 4 88 for sig.ht.To-day's (Friday's) actual rates for Paris bankers' francs were 5 21% ©

5 213-I less 1-16 for long and 5 1834 less 1-3205 1834 for short. Germanybankers' marks were 94%094 7-16 for long and 95 3-16 less 1-32095 3-16for short. Amsterdam bankers' guilders were 40 316 less 3-32040 3-16less 1-16 for short.Exchange at Paris on London, 25 fr. 25c.; week's range 25 fr. 253-Ic

high and 25 fr. 2434c. low.Exchange at Berlin on London, 20 m. 473j pf.; week's range 20 m.

4834 pf. high and 2() m. 4634 pf. low.The range for foreign exchange for the week follows:Sterling, Actual- Sixty Days. Cheques. Cables.

High for the week___4 8335 4 8725 4 8810Low for the week ___4 8310 4 87 4 8750

Paris Bankers' Francs-High for the week___5 21i. less 1-16 51834 51734Low for the week ___5 2134 less 1-16 5 1834 less 1-16 5 1734 lass 1-16Germany Bankers' Marks-

High for the week--- 941 9534 95 7-16 less 1-32Low for the week ..-- 94 9534 9534Pak Amsterdam Bankers' Gu lders-High for the week. ...30 15-16 plus 1-16 40 3-16 loss 1-16

40 3161-16

Low for the week _-.39 15-16 less 1-32 40% 0 31

1' Domestic Exchange.-Chicago, 20c. per $1,000 premium. Boston,par. St. Louis, 5c. per $1,000 eremium bid, 10c. asked. San FranciscoOc. Per $1,000 premium. St. raul, 60c. per $1,000 premium. Montreal,

4634e. Per $1,000 premium. Minneapolis, 50c. per $1,000 premium. Cin-cinnati, par.

State and Railroad Bonds.-Sales of State bonds atthe Board are limited to $7,000 N. Y. Canal 4s 1961 at 1003to 10034 and $84,000 Virginia 6s deferred trust receiptsat 523/2to 54.There is more activity in the market for railway and

industrial bonds as the we2k draws to a close and in mothcases prices are higher.Among the exceptional features, Wabash ref. & ext. 48

are up 23-i points, Brooklyn Rapid Transit ref. cony. 482% and N. Y. C.-L. S. col. 332s 2. Several issues haveadvanced from 1 to 2 points.

United States Bonds.-Sales of Government bonds atthe Board include $4,000 4s reg. at 1133/9. $500 3s coup. at1023/i and $20,000 Panama 3s coup. at 102%. For to-day'sprices of all the different issues and for yearly range see thirdpage following.Railroad and Miscellaneous Stocks.-The strong tone

noted in the stock market at the close last week has continuedpractically without interruption and a further advance,averaging from 2 to 3 points for all active issues, has beenrecorded. The trading in this department has, as notedabove, been on a limited scale until to-day, amounting tobetween 300,000 and 500,000 shares per day, and evidentlyis the result chiefly of professional operations. To-day690,000 shares were traded in and the market at timeswas almost buoyant. Some recession, however, near theclose left prices generally below the highest, although aconsiderable list shows a net gain of 1 to 2 points for the day.The coal carriers have been conspicuous features of the

railway group. Lehigh Valley has advanced 7% pointswithin the week and Reading 63. Union Pacific moved up5% points on discussion of a new plan to be submitted tothe Court. Canadian Pacific was strong on purchases forforeign account and closes 63 points above its selling priceon Monday.The copper stocks have been in demand on higher prices

for the metal American Can shows an advance of 73 points,U. S. Rubber 434 and Beet Sugar over 5. U. S. Steel hassteadily advanced and is now 33 points higher.

For daily volume of business see page 1007.The following sales have occurred this week of shares not

represented in our detailed list on the pages which follow:

STOCKS.Week ending April 4.

SalesforWeek.

Range for Week. Range since Jan. 1,

Lowest. Highest. Lowest. Highest.

Allis-Chal rects 3d paid_Preferred recta 3d pd.

1,700500

234 Apr 17 51 Apr I

3349

Apr 3Apr 3

2%6%

AprMar

43412%

FebJan

Am Brake Shoe & Fdry_ 100 9334 Apr 4 9334 Apr 4 93% Apr 96% JanPreferred 20013034 Apr 3 134 Apr 4 129 Mar136% Jan

American Express 260 160 Apr 316434 Apr 1 160 Jan 170 FebAmer Teleg & Cable 10' 58 Mar 31 58 Mar 31 58 Mail 66% JanBatopilas Mining_ 100 $131 Apr 3 $134 Apr 3 Si Jan $1% JanBrunswick Terminal_ _ _ _ 300, 834 Apr 4 834 Apr 4 7% Jan 831 MarCan Pac subs 1st paid_ 1,100.230 Apr 223234 Apr 4 215% Ma1232% AprColorado & Sou, 1st pref 100 68 M r 31 68 Mar 31 66 Feb 69 Mar2d preferred 185 6534 Apr 1 6534 Apr 1 60 Feb 65% Apr

Deere & Co, preferred_. 400 98 Mar 29 98 Apr 1 97% Feb100% JanGeneral Chemical 45180 Apr 1 184 Apr 2 175 Jan 185 MarGt Nor subs 40% paid_.. 30012534 Mar 31 12534 Apr 1 121 Feb125% AprGreen Bay & W, deb B. 7 14% Apr 215 Apr 1 13% Ma 17% JanInt Agric Corp v t C. _ _ _ 100 22 Apr 1 22 Apr 1 22 Ap 39 Jan

Preferred v t c 100 76 Apr 1 76 Apr 1 78 Feb 90 JanK C Ft S & Mem, pref_ _ 100, 7034 Apr 4 7034 Apr 4 70% Ap 78 Jan'Mackay Companies_ _ 500 83 Apr 1 8334 Apr 1 81 Ma 87 Jan

Preferred 600 67 Mar 31 6734 Apr 1 66% Ja 68% JanN Y Chic & St Louis... 100, 57 Apr 1 57 Apr 1 56 Ma 63% JanNorfolk Southern 200, 44 Mar 31 4434 Apr 1 40 Mar 44% MarNor Ohio Trac & Light_ 100 70 Mar 29 70 Mar 29 70 M 75% JanPacific Coast Co 100' 85 Apr 4 85 Apr 4 85 Ap 85 AprQuicksilv Mining, pref. 100 434 Apr 1 43-i Apr 1 4 Feb 4% JanTexasPee Land Trust.... 100 95 Apr 1 95 Apr 1 95 Feb 97 JanUnited Cigar Mfrs 1,700 44 Mar 29 4734 Apr 4 43% Ma 50% FebUnited Dry Goods 350 973-4 Apr 3 98 Apr 1 97 Feb 101 Jan

Preferred 15010334 Mar 31 10334 Mar 31 10134 Mar105% JanUnited States Express 400 55 Apr 2 61 Apr 4 50 Feb 66 JanU S Indus Alcohol 100 35 Mar 29 35 Mar 2-3 30 Feb 44 JanU S Reduc & Refg, pref_ 100 334 Apr 3 33-4 Apr 3 334 Feb 4 JanVirginia Iron, Coal & C. 150 47 Apr 3 47 Apr 3 44% Feb 54 JanWest Maryland, pref 600 60 Apr 2 6234 Apr 4 57 Jan 67% JanWeyman-Bruton 150 265 Mar 31275 Apr 1 265 Mar3 30% Jan

Outside Market.-There was a larger volume of businessreported on the "curb" this week, though activity wasconfined, as for some time past, to the higher-priced indus-trials. Higher levels . in prices were reached in mostinstances. Standard Oil issues were generally active andfirmer, Standard Oil of N. J. especially enjoying an advanceof 13 points to 373, the close to-day being at 371. UnitedCigar Stores corn, was heavily traded in, though pricemovements were irregular. From 983/2, the stock sold upto 9934 % then down to 97 and up again, reaching 101%.The final figure to-day was 101. Tobacco Products pref.moved up from 90 to 903. and back to 90. British-Amer.Tobacco gained over half a point to 243' and reacted finallyto 24. Houston Oil corn. advanced from 193' to 223-i andclosed to-day at 22. Amer. Light & Traction corn. advanced23 points to 415 and ends the week at 413. Bonds weremoderately active and strong. Brooklyn Rap. Tran. 5%notes advanced from 95% to 96 11-16. Western Pacific5s eased off from 83 to 823' and recovered to 833.. N. Y.City 43/s of 1962 were actively traded in between 983/i and98% and at 983's finally. The 43-is of 1960 moved down from98% to 98 and back to 98%. There was a firmer toneto copper shares. Braden Copper advanced from 8% to 93/8.British Columbia improved from 274 to 3% and closed to-dayat 3%. Giroux rose from 2% to 3. Greene Cananeadeclined from 83/i to 73-' and recovered to 7%. Nipissinglost half a point to 9, but recovered to 938.

Outside quotations will be found on page 1007.


1000New York Stock Exchange--Stock Record, Daily, Weekly and Yearly

OCCUPYING TWO PAGESFor record of sales during the week of stocks usually inactive, see preceding page

S7'OCKS-HIGHRST AND LOWEST SALE PRICES.-SaturdayMarch 29

MondayMarch 31

TuesdayApril 1

WednesdayApril 2

ThursdayApra 3.

FridayApril 4.

10214 10234.101 10012312 1241410012 10114*8212 831281% 8014231 23513*320 35072 723815 15

.2812 301211018 1113813812 1381213518 136

*181 190*5212 5412.90 95*157 160415 415*20 21*3412 35*5 7

.1212 1428 28124513 45123412 311312312 128343514 3514121 122121714 171258% 53342412 2412*5934 6012*812 11*22 2815638 1577313512 1361212914 12914*1712 181242 42134 134514113 1502578 2663 6338 39%58 58132-13g 2438108 106*118 119*2914 311410533 106*8313 841211714 1173411838 11873*00 96

*__ _ _ 12015978 16158*91 928912 PO2134 22143713 38*14 175712 5742453 2614

*3133 343474 741912 201444 443410114 101342578 261880% 8034*18 1937 37*913 12

*2312 28*10312 10615034 1523485 85*28 28125013 5012*338 41114 1112*4014 4212612 612

*19 22.9 11*4512 50

7212 7378*51 53*9514 963134 3212

'80 89324 33%1214 1221461 5112114 114414 42*70 75474 48.03 ____*418 434*25 272558 25%*1013 1128 283734 378

0105 106.1012 1112*534 55*8614 861270 71103 1030170 180*10113 10536 36

10214 10233100 10013121 1241210078 10112*8212 83128814 8938

23314 23434.320 35970 713415 1529 2911033 11134

*13713 1391213534 136

.181 1895218 5218

.90 95*157 160.401 429.29 22135 35.8 7*124 142734 281445 4538.34 3712813 129123518 35%

*12134 1251317 17%57 5338

.24 25

.5912 6012.9 12*22 28157 1537813338 13712

*127 12919 19

*____ 44135 135

*142 15025% 261863 6338 3834*57 60.24 241210538 1053411713 1183034 311410534 10638

11678 11811838 1183494 944

.____ 12016058 16178.91 911391 912158 217837 37*15 17*52 5925 2614

*3113 3434

20 201244% 4510014 101332534 26187034 801219 193578 3678*913 1212

.2313 2458*104 10615112 15258*8213 86*2712 281250 5014*313 412 12

*4012 4212.6 7.19 24*9 12*47 50

7173 7333.5112 53*951t 963112 3238

'80 9032% 3338122 122345038 5118114 1141240 41*70 717843 48*93 9841.4 414

*2434 251225 25121034 10342813 2812*37 3812*105 10610 10*53 5585 8569% 70

1103 103175 175*10112 10435 36

102% 1031810018 1001812412 12510034 10112.8212 83128878 9038

23518 23814.320 350

7118 72381514 151230 3011073 11212

*138 13912136 136

*181 18753 53*90 95160 180

.400 420*20 21.3178 35*3 7

.1234 142814 294512 4614

.3434 3612914 130583514 37

*12112 12811714 17785712 59582434 256014 6012*9 11*22 2315838 160%13612 137*123 130.17 20.40 4513573 13712

.145 15026 25%36434 643138 39

*8712 80*24 241210513 10634118 118123078 30%10634 10738

11713 1183411813 1191495 9514

.____ 12018178 1641491 9191 92142214 233712 383416 16

.53 592514 28

*3114 3434*74 74582013 203445 453310138 102182614 26128014 8012*1812 2037 3734*10 11.2312 24%*10412 1061215212 154%8613 861228 28%50 5012*312 41134 124134 4134612 612

*19 23*3) 114912 50

7314 741253 54

.95 9732 3334*80 903314 343430613 995114 52114 114O40 48*71 75.47 4812*93 98*44 4342412 25342533 281013 10342834 28343812 39106 10610 1055 55*8412 8670 7158104 104

.175 183*1014 10438 3612

10278 1031810014 10035125 1251210114 10112.8212 831289% 9158

23614 23734.320 35071 721416 163430 311411134 1121413812 139

*136 137.185 187

5218 5213*90 15*163 165*405 420*20 2235 3514.6 7*12% 142315 2946% 4514*3412 3534130 130123314 37121 121121713 18145913 603425 2513*60 61.812 10*25 28160 1813813813 137

*127 1301824 1834*40 4513834 13734*145 15026 2614

.62 64123314 3834

.5513 60*2312 241210512 1071173.4 11813034 303410712 107%

11734 113.5-8119 119149513 9512

*100 12016278 1649112 92

.9112 932233 233734 381217 17125612 56122512 23

*3013 3434*73 745819% 204412 441210158 1021225 28148038 8038*19 20374 3833*10 12.2312 245810512 10512153% 154128(314 8612

.2734 28124912 49123% 3%1114 1112

§4214 4214.6 7*19 23*9 12

7312 7414*53 5594 953213 3414*80 9033% 353497 081252 52114 114*40 487312 731247 4795% 95%*414 434*25 272538 27131013 1012*26 293813 3358

*105 10710 103855 5514*85 88701.4 711410334 104180 180

*10113 1043614 37

103 1033810014 10038125 125101 10112*3212 83129014 911223513 23733*320 35070 711416 163114 311411114 113

*13713 139136 138*185 186

5218 5218*90 95*160 165415 4151034 19343512 33*6 713 132813 294534 48*3414 351212938 13058.3513 3712121 1211733 17%5913 602434 251g60 60834 834

*25 2816018 1621813612 13658

112934 12934

i5i 13712-*145 150

251.1 2738• .624 6434

3814 3834*57 602378 2378

1063.1 1071211718 1183038 3114101 10734

11734 1187811834 1190534 9534

*109 12016214 16638*91 93*89 932213 23183713 38131758 18

*55 602614 2712

*3112 3434*72 74531913 204414 444101 1021425 2638*80 81*19 20133713 38*10 11*2313 2434

.105 10315223 1551386% 87423 28*49 51

313 3121114 11144113 4112.6 72114 2114*9 12*49 503.1

7338 7614.54 57.93 05%3213 33

.80 8035 373498 99145113 5134

.114 11542 42*70 731448 46*93 100*414 434

*2514 272634 2712

.1012 11

.23 293814 3814

*105 107*938 101255 55.8,4 867053 7178

*10312 10412.175 182.101 105.36 37

10313 104*100 10013.12412 1261210114 10134.8212 83139114 91%23834 24018

.325 3506914 70341618 16343114 311411213 113%1133593143 11383912

.185 187*5218 5313.90 95.160 164.38712 421*2034 223614 3612

7.1213 131228% 29784613 47

.3512 361213013 13137 38

*12114 12317% 1838

5.13 2978 6825 126013 6012834 834

*25 28162 1641413634 13812) 12914

340 76-137 13734

.1246512 1257014

.62 6538% 4012

.5713 60

.21 241210738 108118 118123134 321g107% 103

11814 119114) 119149638 96%

.1(X) 12016512 16714.91 93

9214 0412• 2234 24

3838 401118 1838

*255 6707 2 12*3113 3434x73% 73%1934 19%4412 4412101% 102122814 27188038 803820 20433 383411 1124 2514105% 10578155 156788834 871428 28125012 5112*313 411 1142 42147 7

*19 24*9 12.45 50%

.574534 6705%*95 95343414 3712

.86 803734 38349834 991251% 5212115 11541 4212*70 754734 5012

.93 100458 453

*25 272634 273411 11122813 29143338 304

.10312 106131018 10185513 55%

.8513-7218 -513

10513 10518*175 182.10112 105.3613 3713

Sales oftheWeek

Shares.

STOCKSNEW YORK STOCK

EXCHANGE

Range Since Jan. 1.On basis of 100-share lots

Range for PreviousYear 1912.

Lowest. Highest. Lowest. Highest,

R..11:oads15,141 Atchison Topeka & S F.._ 100 Feb 25 10638 Jan 6 10314 Feb 11134 Oct1,200 Do pref 9958 Mch20 10214 Jan 29 10133 Jan 10414 Feb1,400 Atlantic Coast Line RR,. 12212 Mch 20 13338 Jan 9 z13034 Dec 14812 Aug5,410 Baltimore & Ohio 994 Feb 26 10633 Jan 22 z10114 Feb 11178 Ail':

Do pref 83 Mch 7 88 Jan 10 8618 Aug 91 Jan31,525 Brooklyn Rapid Transit.. z8613 Mch 10 9253 Jan 9 7634 Jan 9413 J'ly43,805 Canadian Pacific 21813 Mch 10 26634 Jan 9 22613 MO 28:3 Aug Central of New Jersey___ 325 Mch 19 362 Jan 13 305 Jan 395 Apr41,150 Chesapeake & Ohio 6014 Apr 4 80 Jan 2 6814 Feb 8514 Oct2,400 Chicago Gt West tr ctfs 13 Feb 25 1773 Jan 9 1553 Dec 2034 Oct800 Do pref trust ctfs 28 Meh 10 35 Jan 9 3013 Deo 3012 Apr

40,350 Chicago Milw & St Paul,. 108 Feb 25 11614 Jan 9 9933 J'ly 11753 Nov400 Do pref 13612 Feb 25 145 Jan 30 13914 Dec 148 Jan

1,600 Chicago & North Western 132 Feb 25 138 Jan 11 13413 Dec 145 Apr Do pref 1182 Feb 7 3189 Jan 6 188 Nov 198 Mon4,000 Cleve Cln Chic & St L 52 Feb 25 54 Jan 21 4514 Dec 6212 Apr Do pref 9013 Feb 25 0434 Jan 16 95 Dec 10113 Apr

400 Delaware & (udson_ _ 15914 Feb 27 167 Jan 8 162 Dec 17613 Feb200 Delaware Lack & West 395 Feb 25 445 Jan 13 530 Aug 597 Dec100 Denver & Rio Grande 1834 Feb 26 2318 Jan 9 1812 J'iy 24 hich

1,150 Do prof 33 Mob 15 41 Jan 10 3414 J'ne 4614 Jan Duluth So Shore & Atlan 6 Feb 24 812 Jan 2 8 Sop 1134 May

100 Do prof 13 Feb 19 1614 Jan 2 14 Deo 23 May27,100 Erie 2512 Feb 25 3212 Jan 6 30 Dec 3913 Apr2,400 Do 1st preferred 42 Feb 25 4913 Jan 30 4713 Dec 577„ Apr350 Do 2d preferred 3234 Mch19 41 Jan 30 38 Dec 48 Apr

14,821 Great Northern pref_ 124 Feb 25 13233 Jan 9 126 Jan 14334 Aug1,600 Iron Ore properties 33 Feb 25 4114 Jan 3 36 Jan 63 Sep740

16,70026,350

Illinois Central Interboro-Metrcp v t ctf_Do pref

11913 Mch271613 Feb 265612 Feb 26

12373 Feb 51933 Jan 306533Jan 30

12053 May1614 Deo5338 Jan

14118 Jan22 J'ly6733 Oct

2,7001,103204

Kansa- City Southern Do pref

Lake Erie & Western....

2373 Feb 255914 Mch 10834 Apr 3

2714 Jan 96112 Jan 71112 Feb 5

2213 May58 May111 Jan

3114 Sep6553 Merl18 Apr

Do prof 25 Mch 18 35 Jan 6 30 Jan 40 May73,550 Lehigh Valley 152 Mch 20 16833 Jan 2 15573 Feb 18534 Jan3,725 Louisville & 12913 Feb 25 14214 Jan 10 138 Dec 170 Aug386 Manhattan Elevated_ _ 12734 Mch 19 13253.Feb 7 12873 Dec 13834 bleb360 Minneapolis & St Louis_ 1712 Feb 25 2314 Jan 2 1813 J'ly 27l Jan150 Do pref 42 Mch 14 47 Jan 29 540 Feb §57 Jan

2,370 Minn St P & S S Marie.._ z12834 Mch 20 14214 Jan 9 •129 Feb 15113 Aug Do preferred 14112 Mch 11 1150 Jan 22 146 Dec 158 Aug5,500 Missouri Kan & Texas.. 24 Moh 19 2918 Jan 7 2513 Dec 3158 Mch310 Do preferred 5934 Jan 14 6314 Jan 7 5733 May 66 Apr

17,503 Missouri Pacific 38 Feb 25 4358 Jan 9 35 J'ly 4734 Merl200 Nat Rya of Mex 1st pref.. 5634 Feb 10 59 Mch 3 6218 Oct 71 Jan500 Do 2d preferred 2258 Feb 18 2712 Jan 2 2638 Oct 3678 Jan

5,500 N Y Central & H R 10413 Feb 13 10934Jan 30 106% Dec 12112 Apr1,560 NYNH& Hartford_ - _ 11338 Mch 18 12973 Jan 10 126 Dec 14214 Apr1,100 N Y Ontario & Western.. 2914 M.L.b24 3378 Jan 11 2973 J'ne 413s Apr4,705 Norfolk & Western 10334 Mch 20 11313 Jan 3 110734 Feb 11914 Aug

Do adjustment pref 8214 Mch 17 87 Feb 13 88 J'ne 92 Feb32,720 Northern Pacific 11378 Feb 26 12233 Jan 6 11533 Jan 13112 Aug11,778 Pennsylvania 11713 Feb 19 12334 Jan 7 11978 Dec 12614 May1,650 Pittsb Cin Chic & St L.... 94 Mch31 104 Jan 11 9812 Jan 11112 Be Do preferred 10812 Jan 117 Feb561,800 Rea.dinz; 15213 Mch 10 16873 Jan 2 14813 Jan 17214 Apr

500 1st preferred z 8934 Feb 25 92 Apr 2 8713 J'ne 9314 Apr2,500 2d preferred 8773 Feb 25 9412 Apr 4 92 Dec 10113 Apr17,600 Rock Island Company 2018 Mch 20 2473 Feb 4 2238 Dee 3013 Apr14,000 Do preferred 34% Mch 20 4434 Jan 2 4214 Dec 5938 Apr

900200

3,575

St Louis & San FranciscoDo 1st preferred Do 2d preferred

St Louis Southwestern...

14 Mch 1155 Mch 82334 Feb 263014 Mch 10

1934 Jan 1159 Feb 1129 Jan 113513 Jan 13

17)2 Dec5812 Dec2613 Deo2934 Jan

'2913 Mch6912 Jan4334 Apr4033 Oct

200 Do preferred 73 Mch20 75 Jan 9 6812 Jan 8053 Oct2,500 Seaboard Air Line 1814 Jan 22 2034 Apr 1 18 Dec 2712 Apr1,650 Do preferred 4278 Feb 28 4833 Jan 29 4434 Dec 5613 J'ne

24,340 Southern Pacific Co 9818 Mch 14 110 Jan 30 10312 Deo 11513 Apr9,300 Southern v tr ctfs stmpd_ 2412 Feb 25 2858 Jan 2 2612 Jan 32 Sep1,000 Do preferred do 77% Feb 25 8112 Mch 26 6814 Feb 8673 Oct500 Texas & Pacific 1113 Mail 10 2258 Jan 8 2012 Jan 2612 Nov

10,350 Third Avenue (N Y).._..... 3,1 Mch19 4012 Jan 2 3312 Dec 4934 Jan100 Toledo St L & Western.... 11 Jan 21 13 Jan 9 1012 Dee 1633 Itch510 Do preferred 2312 Mch 20 2934 Jan 9 28 J'ne 38 Apr600 Twin City Rapid Transit 10313 MC1124 10814 Jan 23 103 Dec 11118 Sep

215,300 Union Pacific 14578 Mch 19 16234 Jan 6 15034 Dec 17634 Sep2,006 Do preferred 83 M eh 13 9313 Jan 6 8814 Oct 9613 Dec1,100 United Rys Inv't of S P.._ 24 Feb 28 3518 Jan 3 28 J'ly 3918 Deo2,250 Do preferred 47 Mch19 6313 Jan 2 57 J'ly 6918 Deo300

1,900Wabash Do preferred

3 Feb 179 Feb 21

4 Feb 31314 Jan 14

334 J'ne1233 J'ne

934 May2278 Apr

750 Western Maryland 3738 Jan 7 416 Jan 2 45 Dec 6414 Men400 Wheeling & Lake Erie 514 Feb 27 8 Jan 3 4 Jan 1114 Oct100 Do 1st preferred 19 Feb 21 2813 Jan 13 11 Jan 3612 Oct Do 2d preferred 858 Mch19 14 Jan 3 6 Jan 1712 Oct

200 Wisconsin Central 46 Jan 15 53 Feb 8 48 Feb 6213 AugIndustrial & Miscall.

256,200 Araalgamated Copper 6534 Feb 25 8038 Jan 2 60 Feb 9234 Oct300 American Agricul Chem_ 4614 Jan 17 57 Jan 3 5418 Dec 6358 Sich800 Do preferred 94 Apr 2 99 Jan 2 98 J'ly 10414 Mch

18,300 American Beet Sugar-- - 25 Mch 19 5012 Jan 2 4612 Dec 71 Sep Do preferred 8313 Mch 10 88 Mch 6 90 Nov 10114 J'ne118,140 American Can 2512 Jan 14 4678 Jan 31 1114 Feb 4733 Oct18,298 Do preferred J9612 Apr 1 12913 Jan 30 0053 Feb 12614 Sep2,700 American Car & Foundry 4713 Feb 25 5638 Jan 2 49 Feb 6353 Sep810 Do preferred 112 Feb 25 117 Mch 5 115 Feb 120 May

1,400 American Cities 40 Mch 31 4834 Jan 6 3034 Oct 6018 Dec300 Do preferred 71 Mch25 7812 Jan 2 7514 Aug 8334 Deo

6,400 American Cotton Oil 4234 Mch 18 5738 Jan 2 4612 Jan 6014 Nov100 Do preferred 0512 Mch 28 9614 Jan 10 95 Jan 9914 Feb30 American Hide & Leather 4 Jan 14 518 Jan 8 3 Feb 714 Set)700 Do preferred 2213 Feb 25 2814 Feb 10 20 Feb 34 Sep

8,662 American Ice Securities 20 Jan 2 2734 Apr 4 18 Jan 3034 bfay900 American Linseed 9 Feb 25 1112 Jan 31 9 Mch 1773 Apr600 Do preferred 2513 Feb 26 3113 Jan 31 30 Feb 43 Apr

2,225 American Locomotive...... 3312 Feb 25 4413 Jan 6 3134 Feb 4713 Nov100 Do preferred 10478 Feb 5 10634 Jan 2 103 Jan 11012 Aug700 American Malt Corp.. 773 Feb 18 13 Jan 3 434 Jan 1918 Aug

1.400 Do preferred 47 Feb 18 6112 Jan 3 42 Jan 6914 Aug150 Amer Smelters Sec pref B 8373 Mob 25 86 Jan 9 84 Deo 8012 J'ne

24,800 Amer Smelting & Refin'g 6373 Mch19 7434 Jan 30 6612 Deo 91 Sep660 Do preferred 10014 Mch 19 107 Feb 7 10233 Jan 10938 Sep400 American Snuff 171 Mch 8 193 Jan 22 123 MO 20314 Dec Do preferred, new...... 104 Jan 6 105 Jan 21 99 Feb 105 Aug1,500 Amer Steel Found (new)_ 32 Mob 24 4012 Feb 3 26 Jan 4438 Oct

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.=:e

BanksNew York

Aetna America 1_,...Amer Excel_Battery ParkBoweryll Bronx BorolBronx Nat_Bryant Park1Butch & Dr..Century '3......Chase

bid

195600233130425300__180150t131220650

Ask

200810238140--.

1_1-05___......

230700

BanksChat & Phen.Chelsea Exl_Chemical _Citizens' CenCity Coal & Iron_Colonial 1....,ColumbiaCommerce Corn E xchl_Cosmopol'n liEast River

Bid1721354201901400160425300t 1923188560

Ask182150430198

185_ __dot19332310575

BanksFidelityl___Fifth Ave If-Fifth First Fourth. Garfield ___,Germ-Amer 1German Ex iGermania I Gotham _

-Greenwich1-Hanover

14. E

OCOCAO0C.ntADOCOCT

Ask175

8251000197275- --.............._ __2643700

BanksHarriman -Imp & Trad-Irving Liberty Lincoln Manhattan 1Mark & Full.Meeh & Met_Merch Exch..Merchants'.._Metropolis I_Metroporn 1

1314290535193630

348250240158190350190

Ask300545198640375350255245162200360197

BanksMt Morris T.Mutual IINalliall New Nethi_New York CoNew York_ _

__Pactflo 1 Park People's 1......Prod Each 1_Publiell Reserve

1312200290

21085039025536324016825090

Ask.250

20522581540026536325017330091

BanksSeaboard____Second Security 1._Sherman.--State I 23d Ward_lUnion Exch.wash WW1_Wcstch Avlf_West Side 1..Yorkville i

• Bid450376133136r _-.17-5160275160- . --590

Ask,

,,,--aUU143)

- ..2.2i

1-70-.

1-7-8495ele

• *Rid and asked nrices: no sales were made on this day. 21Cx-rlahta. Mess than 100 shares. ITState hanks. I) New stock. j Ex 24% accum. MY. •tichango or at auction this week. en p d. n Sold at priva e sale at thLs price. I Full paid,


Ant. 5 1913.1 New York Stock Record-Concluded-Page 2For record of sales during the week of stocks usually inactive. see second page preceding.

1001

STOCKS-HIGHEST AND LOWEST SALE PRICES Sales o, Me

WeekShares.

STOCKSNEW YORK STOCK

EXCHANGE

Range Since Jan. 1.On basis o/ 100-share lots.

Range /or PreviousYear 1912.

BaturdayMarch 29

lionflayMarch 31

TuesdayApr14 1

WednesdayApril 2

ThursdayApril 3.

FridayApril 4. Lowest Highest Lowest Highest.

Industrial & Misc (Con)11418 1144 114 114 11458 11434 *114 115 11312 114 114 115 1,320 American Sugar Refining 10934 Mch 19 118 Jan 31 11312 Dec 13312 Ma7*113 11513312 13438

.113 115z13214 13234

*11312 11613212 13234

*114 116132 13212

11512 11512132 132

*114 11813214 13258

1508,880

Do _preferred Amer

,,preferred& Teleg

113 Mch 2O13014 Mch20

11638 Jan 23140 Jan 3

11512Jan13758 Jan

124 Set)14918 filch

240 240*102 10312*174 21

240 240*10112 103.1712 21

2437 24712103 103*1712 25

244 21410338 10338*1734 25

2 'Al2 2441210312 10312*1734 21

245 248*103 104*1784 25

1,350300

American Tobacco Preferred. new

American Woolen

23212 Mch 8101 Mob 121634 Mch 10

29434 Jan 1010618 Jan 271834 Jan 11

24118 Feb10114 Jan18 Nov

32412 J'ly10638 Jan31 MeV

*78 81*264 28

41812 8428 26

*7812 7912*26 28

787 70274 2712

*7812 80*27 29

7S7a 702512 2812

700.500

Do _preferred Amer writing Paper, pref

7712 Feb 326 Mch 31

81 Jan 33214 Jan 2

79 Dec2518 Jan

0412 Mch4138 May

3778 3834 377 3812 3814 3834 3818 3812 384 3914 23812 393 25,300 dAnaconda Cop Par $25 3378 Feb 25 414 Jan 2 $34 Feb $48 Oct10514 10514 *105 109 ___ _

-48107 107_ _ *10612 100 220 Assets Realization 104 Feb 28 120 Jan 7 10512 Feb 12712 Oct

4712 474 48 48 43 48 48__ _ __ .43 48 48 48 900 Baldwin Locomotive 4612 Feb 25 534 Jan 8 49 Deo 6034 Aug

104 104 104 104 *103 105 *10212 105 10112 10112 *10312 105 300 Do preferred 1034 Feb 17 10434 Aids 4 10234 Feb 10818 J'ne3512 36 364 37 3612 3738 3614 37 33 36 37 3738 8,700 Bethlehem Steel 33 Mch19 4112 Jan 9 2734 Feb 5138 Oct*8978 71 71 72 7158 7178 72 72 7112 72 72 7212 2,200 Do preferred 6352 Feb 26 7212 Apr 4 5612 Feb 80 Sep131 131 *129 132 132 132 *130 133 *132 134 13314 13412 1,120 Brooklyn Union Gas 128 Feb 25 137% Jan 27 13712 Mch 149 Aug2838 285s 2818 2818 28 28 128 28 28 28 2814 2814 1,450 Butterick Co 2718 Mch24 31 Feb 8 28 Nov 404 Apr4878 5014 4818 50 484 4958 488 4914 4812 4934 404 50 13,450 Ca ifornia Petrol v t at's_ 454 Mch18 5612 Feb 3 4914 Dec 7212 Oct*77 774 *76 7712 *77 7712 77 77 *734 7734 *76 78 300 Do preferred 7612 etch 18 86 Jan 30 84 Dec 0512 Oct*1l9 101 *9914 101 *9914 101 100 100 *100 101 *100 101 100 Case(JI)ThreshMpftr cfs 9914 Mch19 10353 Feb 6 991 Dec 10112 Deo2634 2634 12638 2638 27 23 2714 2734 234 2678 2713 23 3,655 Central Leather 2414 Mch19 3018 Feb 5 1612 Feb 3358 Sep934 9314 9312 9312 94 9414 9414 9414 '19418 9412 9414 9414 775 Do preferred • 93 Mch24 9714 Mch 3 80 Feb 10017 Oct407 417 4034 4112 4112 4218 414 417 4012 427 4238 4338 37,000 dChino Copper_

- _Par $5 351 Feb 27 4758 Jan 2 $25 Jan $5038 Nov

3412 3512 3414 3512 3478 3634 358 3612 3478 3014 3818 3718 9,200 Colorado b uel 8rIren 31 Jan 14 4112 Feb 3 2318 Feb 4334 Sep13312 13338 13234 133 133 13478 13438 135 1341a 135 13512 13714 8,500 Consolidated Gas (N Y)_ 127 Feb 25 14238 Jan 9 13534 Dec 14912 Aug11 1113 1034 1118 1118 1134 1112 12 1118 1112 1114 1173 7,350 Corn Products Refining_ 10 Mch 4 1718 Jan 31 10 Jan 224 Oct*68 6912 6912 7018 17014 7014 70 70 8812 89 *68 70 1,270 Do preferred 6312 Mch 13 7914 Jan 31 75 Dec 8912 Oct17 1714 17 17 1714 1738 1714 1714 1612 1678 17 17 1,800 Distillers' Securities Corp 16 Mch24 2134 Jan 2 20 Dec 3614 Aug*12 20 *12 10 *12 16 *12 15 *12 15 15 1734 600 Federal Mining & Sraelt'g 1314 Jan 13 18 Jan 22 1114 Feb 2134 Sep*30 40 *30 40 *3212 40 *33 40 3934 3934 4334 44 400 Do preferred 33 Mch10 44 Jan 2 3718 Jan 5234 Sep139 13934 13912 140 13914 1402 14034 14134 141 141 141 14214 6,539 General Electric z13412 Jan 24 187 Jan 2 155 Jan 18812 J'ly3012 3012 *30 3012 *30 3012 3012 3012 *3033 33 *30 33 200 Gen Motors vot tr ctfs 2912 Mch17 3412 Jan 7 30 Feb 4273 Sep7634 7634 7612 7612 *713 7734 7713 7712 7758 7818 *78 80 710 Do pref v t ctfs 75 Feb 27 79 Jan 7 7014 May 8234 Sep27 27 3212 238 238 212 233 212 233 212 213 212 11,800 dGoldfield Con M Par 810 2 Jan 3 34 Mch 19 $138 Dec $5 Mch32 3214 3218 33 3234 3313 3313 35 34 35 35 18 11,150 Goodrich Co (B F) 28 Mch 18 68 Jan 2 6014 Dec 81 Sep*93 9513 *93 9512 95 95 05 95 193 07 95 0034 600 Do Preferred 9112 Feb 18 10514 Jan 7 105 Dee 10912 Sep4612 47 4612 464 48 48 *47 48 4734 48 *48 4312 1,000 dGuggenh Explor Par ;25 4218 Mch19 5338 Jan 9 $47 Dec r$6233 J'ne1634 17 1658 1658 *1634 17 1673 17 17 17 1714 1838 3,300 d Insp n Con Cop Par$20 1558 Mch19 2038 Jan 3 $1658 Dee $2118 Oct103 109 109 109 *--- 100 .---- 108 *105 103 108 10812 700 Internet Harvester (old) 10412 Mc1313 11558 Jan 30 10514 Feb 12673 Sep11112 11112 *11012 11112 __ .___ 11212 *____ 112 *____ 112 100 Do preferred 11112 Mch 8 116 Jan 28 11312 Nov 12134 Apr107 107$11178 116

107 10714.1111 113

*105 1-073-4___

*105 107*11178 11512

1074 10714*11178 11512

107 107*11178 11512

700 Internet Harvester of N JDo preferred

105 Mch 2611212 Mch28

108 Mch 7 11212 Mch26

10734 10734 * 10712.._*__ 1-08 *105 10714 *105 10714 *105 107 150 Internet Harvester Corp.. 105 Mch 26 10734 Mch 29

011234 116__

*ii2$3 116- -

111212 11212 *11212 11512 *11212 11512 *11212 11512 10 Do preferred 113 Mch 13 113 Mch 13 *4 412 *4 412 *312 412 *312 412 44 418 *4 434 100 Int Mer Marine stk tr cts 334 Mch20 458 Jan 2 4 Mob 778 etch*17 1712 *1684 18 *1714 18 174 1712 1778 1838 *18 1914 600 Do pref stk tr ctfs___ 1634 Mch13 1012 Jan 7 1531 J'ly 26 Mch1112 1113 1012 1012 1033 1038 *1012 1112 1012 101 *10 11 400 International Paper 912 Mch 21 1258 Jan 30 93s Jan 1934 May4258 424 4234 4338 44 4412 *43 4413 *43 45 44 4478 1,600 Do preferred 42 Jan 21 4812 Jan 30 z4578 Jan 6273 May1013 103,1 1013 1013 1013 1012 *10 12 *10 12 §10 10 550 Internat Steam Pump 8 Mch17 1812 Jan 0 12 Dec 34 Jan*33 404187 02

37 37.87 92

*33 40*87 92

.33 3712

.8812 911337 37*8712 92

*35 39*87 92

425100

De preferred Keyser & Co (Julius)_.._..

37 Mch318514 Jan 18

70 Jan 994 Feb 3

63 Dec90 Dec

8458 Apr9534 Oct

*10212 110 *10213 110 *10212 110 *10212 110 *10212 110 *10213 110 Do 1st preferred__ 10734 Jan 22 110 Jan 2 107 Dec 10•J Oct*64 74 *60 74 .63 70 *63 64 *63 74 *63 74 Kresge Co (8 S) 61 Mch 19 81 Feb 5 71 Sep 8912 Oct"9714 9012 *97 0912 *9712 9912 99 99 99 99 *03 9912 300 Do preferred 99 Mch 10 102 Jan 4 100 Oct 10512 Oct*40 4112 4112 4112 *4012 421k *4012 45 41 41 *40 424 200 Lackawanna Steel 38 Mch27 4978 Feb 4 29 Meh 5512 Sep10012 10012.100 101 101 101 1101 101 .101 102 *101 102 350 Laclede Gas (St L) com 98 Feb 25 10412 Jan 8 1024 Deo 10834 Jan*225 229 22518 22612 928 22872 1225 225 *226 228 229 229 1,615 Liggett & Myers Tobacco 213 Jan 2 235 Itch 6 15678 Jan 225 Oct$111 117 *111 117 *111 115 .112 115 *111 115 *111 115 Do preferred 113 Mch 6 11612 Jan 23 10512 Jan 118 Aug*30 33 *3012 3434 3212 3212 3258 3258 3312 3312 3312 3414 1,100 Loose-Wiles Bis tr co ctla 30 Mch18 397 Jan 6 3612 Dec 4718 J ly$100 102 *9978 102 *9978 102 100 100 *109 102 *100 102 350 Do 1st preferred 994 Mch 13 106 Jan 9 10212 Oct 10538 Nov*90 92 *90 92 *00 92 .90 92 *90 92 *90 92 Do 2d preferred 02 Jan 6 96 Jan 8 90 J'ly 9234 Oct$175 184 *175 185 *175 185 *175 185 *175 185 §182 182 10 Lorillard Co (P) 175 Mch 8 200 Jan 28 167 Mch 21512 Oct0111 11314 *111 11314 113 113 111314 11314 *11212 11314 *11212 11312 110 Do preferred 113 Feb 25 11613 Jan 22 10734 Jan 118 Aug.70 75 *70 75 *70 75 72 7238 *70 75 *70 75 309 May Department Stores_ 66 Feb 20 7678 Jan 2 60 Apr 88 Oct*100 104 *100 101 *100 104 *100 104. 10312 10312 10412 10412 100 Do preferred 10078 Feb 20 10513 Jan 2 105 Dee 112 Jan65 6534 6313 6512 65 6572 6414 65 64 67 66 67 9,900 Mexican Petroleum 6112 Mch20 7814 Feb 4 6234 Apr 9012 Oct2334 237 23 2334 237 2418 24- 2418 2414 2434 2434 24% 2,890 dMianal Copper.. .._Par 45 214 Feb 19 2612 Jan 4 $2312 Feb 23014 Sep116 116 11614 11634 117 117 .115 117 117 120 12034 121 3,250 National Biscuit 112 Feb 21 12813 Jan 3 114 Dee 161 Apr0117 119 118 118 *117 120 .117 125 *117 125 11912 11912 200 De preferred

'g11618 Mch 24 12478 Jan 8 122 Doe 131 J'ne

*14 15 *1334 15 1434 15 11478 147 *14 16 1538 153a 350 Nat Enamel'g & Stamp 13% Mch 10 1914 Jan 30 1214 Feb 28 Oct*83 93 *80 93 *80 92 *83 92 *80 92 082 92 Do preferred 84 Mch24 9214 Jan 30 88 Feb 951 Jan*48 50 14758 4758 4814 4814 49 40 4978 4972 50 5118 810 National Lead 4512 Mch19 5614 Jan 2 5118 Jan 8814 Oct$105 10518 *105 10612 *105 107 *105 107 *105 107 *105 108 Do preferred 104 Mch 14 10758 Jan 27 10512 Feb 1107 Nov177 18 1734 17% 1734 1818 18 1818 18 1814 181a 1838 0,500 dNevada Cons Cop Par 15 16 Feb 18 20 Jan 2 $1814 Jan $2418 Sep

.73 74 *70 74 *70 74 72 7238 72 72 *72 75 200 New York Air Brake__ __ 69 Mch 19 824 Jan 8 50 Feb 85 Nu**75 7714 *75 80 7714 7738 *75 78 7772 7918 7938 794 848 North American Co (new) 76 Mcb 28 8112 Jan 14 7412 Jan 8778 Aug*2514 27 *25 27 *25 28 .2578 2712 257 257 2614 2634 400 Pacific Mail 241s Mch20 314 Jan 22 2834 Dec 38 Sep36% 37 37 37 *38 384 *36 39 37 37 3712 3734 900 Pacific Telep & Teleg 36 Mch 10 48 Jan 4 45 Dec 5638 Apr

511012 114 *1104 114 .111 114 1113 113 1134 114 113 11312 736 People's G L & 0 (Chic)_ 109 Feb 24 110 Jan 8 103 Jan 12212 Oct*1912 20 .19 20 1078 2038 *20 21 2012 2112 21 2112 1,000 Pittsburgh Coal 19 Itch 20 2438 Jan 2 1634 Mch 2714 Aug85 85 84 85 85 8514 *84 86 84 85 8514 8578 2,610 Do preferred 8034 Mch 19 1.5 Jan 9 77 Feb 10034 Aug*2612 2712 2673 2712 23 2313 2814 2314 28 23 2312 2812 2,000 Pressed Steel Car 2434 Mch19 33 Jan 7 2834 Feb 4078 Sep*98 98 *96 98 97 97 *96 93 .96 99 98 98 325 Do preferred 97 Feb 28 10118 Jan 7 98 Feb 10334 Aug

---- -- ---- -- *11334 Pub Serv Corp of N J__.. 11614 Feb 28 218 Jan 21 10634 Feb 12078 Aug_______1435 159 160 160 '159 1-60 1160% 1-597-8 1115012 15012 *15912 16012 269 Pullman Company 1664 Feb 25 165 Jan 2 15812 Feb 175 Aug*32 3212 3212 3212 3212 324 3234 33 *33 3334 3334 34 goo Railway Steel Spring_ _ 2434 Feb 25 35 Jan 9 2712 Feb 4034 Sep*9314 100 *98 100 99 99 *93 100 *93 100 *98 09 100 Do preferrwi 98 Mch17 100 Jan 13 9814 Dec 105 Aug10 1912 10 1912 1914 1938 19 194 187 105s 1958 20 13,850 dltay Cons CopperPar$10 1634 Feb 19 22 Jan 2 $13 Jan $2418 Sep257 2638 28 2614 2634 2714 2634 2678 263* 27 27 2818 4,800 Republic Iron & Steel 2314 Feb 26 2833 Jan 31 1534 Feb 35 Oct8434 8534 8534 8638 8534 8612 *8512 8613 86 8614 8633 8832 1,823 100 preferred 8218 Jan 14 8014 Feb 1 C412 Feb 9338 Oct42 44 4134 43 *41 41 3714 42 3812 4412 404 454 12,470 Rumely Co (M) 3714 Apr 2 9214 Jan 7 8914 Dee 101 Nol*83 85 83 83 *____ 8812 83 83 8212 8534 844 864 2,020 Do preferred 8212 Apr 3 9934 Jan 4 9912 Dec 10312 Oct185 185 185 18712 188 189 18718 189 188 18812 19134 192 2,600 Sears, Roebuck &

Co_- .. , 178 Mch20 2131 Jan 2 140 Jan 221 Nol

30 36 *3512 40 .35 40 *354 40 37 3718 3613 3612 400 Sloss-Sheffield Steel ilt ir 33 Mch 20 4512 Jo.n 28 3914 Jan 5934 Sep13814 3814 39 3938 *3812 3914 *37 3914 *3713 3914 3914 3914 610Standard Milling 34% mch 8 4012 Jan 31 1614 Jan 38 Dec*65 67 .65 67 .65 67 68 66 .65 67 *6212 6413 100 Do preferred 62 Mch 11 6678 Feb 4 53 Jan 66 Oct30 30 *29 30 291 2978 30 30 30 30 *30 3112 1,100 Studebaker Corp (The)._ 28 Feb 20 38 Feb 6 30 J'ly 4912 Axil*88 93 *90 93 *90 93 *90 93 *00 93 9234 9234 100 Do preferred s8812 Feb 20 9314 Jan 13 9012 J'ne 9818 Aul38 38 3514 3534 36 3612353s 3534 30 384 37 3734 7,900 dTennossee Cop__Par ;25 3214 Jan 27 3913 Jan 4 $3412 Feb $4714 Ma;

$108 111 *110 11212 11212 11212 *---- 112 *_ 112 112 112 400 Texas Company (The)._ 1081 Mch 18 12234 Jan 10 81 Jan 13058 Sep*90 93 *90 93 924 93 .904 94 93 93 *92 95 300 Underwood Typewriter 89 Mch19 901 Jan 3 95 Dec 11534 J'n,0..- 112 ..--,.. 112 ...,.. 112 $__ 112 *___ 112 ...__ 112 Do preferred 112 Mcb 4 113 Jan 21 110 J'ne 11412 Sep

513 5% b 513 5 5 513 518 5 518 .5 514 1,100 Union Bag & Paper 44 Mcb 18 734 Jan 3 458 Jan 177 Ma*31 35 32 32 81 81 .30 33 .30 33 *30 33 460 Do preferred 2934 Mch 13 4134 Jan 3 8618 Deo 6734 Ma14 14 .1312 14 1438 1412 11518 154 *14 15 *14 15 725 US Cast Iron Pipe & Fdy 1338 Mch18 1634 Jan 30 13 Feb 2212 Ma*52 56 *52 53 52 524 5258 5258 *52 84 *51 63 460 Do preferred 52 Mch 20 5634 Jan 31 50 Jan 8438 Oci*68 6834 6918 6912 697s 70 *68 70 *69 70 70 71 860 U 8 Realty & Insprov't_ 6814 Mch 10 77 Jan 9 67 Jan 8612 J'136314 6414 6212 64 6374 65 644 67 6234 67 674 6912 60,440 United States Rubber- 574 Feb 24 624 Apr 4 4514 Feb 6778 Ma106 10612 1064 10658 107 10714 1074 10738 1074 10712 108 10834 1,700 Do 1s1 preferred 104 Mch19 100 Jan 8 1055e J'ly 116 Ma

-611-4 -6575 -iiiiii -6-31-4 -i1-2.1.4 -BF%Do 2d preferred 7638 Jan 3 8112 Jan 9 75 Jan 8512 Ma

-olT8 If Ili 631-2 8338 6434 420-.010 United States Steel 5814 Mch 10 6913 Jan 2 5814 Feb 8034 Sel10778 108 10712 108 108 1084 10814 10834 10834 1084 1087 10378 3.700 Do preferred 107 Mch19 11034 Jan 30 20714 Dec 117 Set5358 54*35 39

53 534*33 37

5338 54143534 3534

534 5378*33 354

5314 5443612 3812

544 551836 3-.8I'

10,6051,450

dUtah Copper__Par 810Virginia-Carolina Chem_

4858 Mc11193012 Feb 25

6038 Jan 24318 Jan 3

$5212 Jan4034 Dec

$6712 Set5714 Jar

0108 110 *106 110 110812 1084 *106 110 110 110 *10712 110 110 Do preferred 1074 Feb 21 114 Jan 3 11478 Dec 122 Mc69 70 6914 7014 704 7012 70 7014 70 70 70 7014 4,100 Western Union Teleg 65/2 Mch20 7518 Jan 9 7134 Dec 8614 Jar6812 67 26578 6612 68 67 88 6638 66 6614 6638 6714 8,050 Westinghouse El & Mfg_ eoi: Itch 19 7914 Jan 2 6814 Jan 8912 Au

311714 11934 2117 117 *115 11934 *115 11912 *115 119 *115 11714 ii Do 1st preferred 117 Feb 14 1104 Jan 17 11478 Jan 126 Au0014 9014 9014 9112 91 9333 92 934 9112 93 93 954 10,200 Woolworth (Ir W) 8512 Mch19 112 Jan 2 1124 J'ly 1177 0c,

$110 ____ *110 112 11112 11112.110 112 .112 114 *112 114 100 Do preferred 10914 Mch 13 11512 Jan 8 9314.Fly 11634 J'll

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.

1

g

BanksBrooklyn

Coney Isl'd IFirst Flatbush _Greenpoint Hillaide0.- _Homestead 9ManufacersMeohanIes'4-Montauk 9...Nassau

Bid

135280150

85405200

205

Ask

155300165160125100430225160220

BanksBrooklyn

National CityNorth Side 1..People's --

Trust Co's

N F CityAstor Bankers' Tr_B'way Trust_

Dia

275175145

350470165

Ask

205200135

375475175

Trust Co'sN Y city

Central TrustColumbia-

KnickerbocCommercialEmpire Equitable Tr Farm L dc TrFidelity Fulton Guaranty Tr.

Bus

995

520903004901250220295575

Ask

1005

53093

6051285230313586

Trust Co'sNY City

HudsonLaw T I & TrLincoln TrustMetropolitanMutual All-ance

Mut'l (West-chester)

Bid

130202180440

135

140

Ask

140207135450

145

150

Trust Co'sN Y City

NY Life &TrNY Trust_ _ _Title Gu & TrTransatlanticUnion Trust_S Mtg & Tr

United StatesWashingtonWestchester

Bid

103062047517512604501095375

Ask

1055630485

12754601105390180

Trust Co'sBrooklyn

Brooklyn Tr_Citizens' _-FranklinHamiltonHome Kings CountyNassau People'sQueens Co -

Bid

495150

270118520130295100

Ask

505155 ,250285125

305no

*Bid and asked prices; no sales on this day. 1Less than 100 s iares. Mx-rights. a Ex-dIY. and rights. b New stock. d Quoted dollars per share.i Vial° at Stock Exchange or at auction this week. 5 Ex-stock dividend, If Banks marked with a paragraph (II) arc State banks, z Hz-dividend.


1002New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and interest"—excep for income and defaulted bonds.

BONDSN. Y. STOCK EXCHANGE

Week Ending April 4. -,z.

PriceFridayApril 4

VeersRange orLast Sale

1 4

340i

RangeSinceJan. 1

U. S. Government.U 9 2s consol registered__d1930U S 2s consol coupon (11930U 9 Is registered k1918U 9 3s coupon k1918U 9 4s registered 1925U S 43 coupon 192513- 9 Pan Canal 10-30-yr 2s11936U 9 Panama Canal 3s g 1961

Foreign Govern,ent.Argentine—Internal Is of 1909_Chinese (Hukuang) Ry 5s £____Imperial Japanese GovernmentSterling loan 4 30 19252d Series 43s 1025

Sterling loan 4s 1931Republic of Cuba 55 exten debt_External loan 4,0s 1949

tan Paulo (Brazil) trust 5s_1919okyo City loan of 1912 5s.__9 of Mexico s f g 5s of 1899Gold 48 of 1004 1954

State and City Securities.N Y City-4 30 19604% Corporate stock 19594% Corporate stock 19584.% Corporate stock 1957New 4 3is 1957New 45-is 191743i % Corporate stock 19574U % assessment bonds 19173 % Corporate stock 1954N State-4s 1961Canal Improvement 4s 1961Canal Improvement 4s1962Canal Improvement 4s_1960

South Carolina 4 30 20-40...1933Tenn new settlement 3s 1913Virginia funded debt 2-3s 1991Os deterred Brown Bros ctfs___

Railroad.A nn Arbor 1st g 4s h1095Extch Top & 9 Fe gen g 4s.1995Registered 1995Adjustment gold 4s /11095Registered h1095Stamped h1095

Cony 48 issue of 1909_1955Cony gold 4s 1955Cony 48 (issue of 1910)_196010-year cony gold 5s 1917Debentures 4s Series K 1913East Okla Div 1st g 4s 1928Short Line 1st 4s go1d_., 1958Cal-Ariz 1st & ref 4 30 19628 Fe Pres & Ph 1st g 5s_1942Chic & St Louis 1st 6s 1015

1181 Coast L 1st gold 4s_h1052Registered h1952

Ala Mid 1st gu gold 5s___1928Bruns & W lst gu gold 4s_1038Charles & Say 1st gold 7s_1936L & N coil gold 4s 01952Bay & W 1st gold 6s__1934

.:' 1st gold 58 1034Bil Sp Oca & G gu g 4s 1918

pt alt & Ohio prior 3 30 1925I) Registered h1925Gold As //1948

Registered h1948;0-yr cony 4 3-is (wh iss)-_1933Fitts June 1st gold 6s_ _1922P June & M Div 1st g 3-3019251' L E & W Va Sys ref 4s__1941Southw Div 1st gold 30-s1925Cent Ohio 18 1st c g 4 30_1930PI Lor & IV con 1st g 5s_1933Monon River 1st gu g 5s__1910Ohio River RR 1st g 5s___1036General gold 58 1937

rItts Cloy & Tol 1st g 6s1922Pitts & West 1st g 4s 1917fitat Isl Ry 1st gu g 4 3is_1943

Buffalo R & 1' gen g 5s- _1037Consol 4 30 1957All & West 1st g 4s gu 1008Cl St Nish 1st gu g 5s 1043Roch & Pitts 1st gold 6s1921Consol 1st g 6s 1922

Buff & Susq lst reg g 4s___d1951

Canada Sou cons gu A 5s_1992Registered 1062

Pentral of Ga 1st gold 5s__p1045Consol gold 5s 1945Registered 1945

1st pref income g 5s____p1045$(.1 prof income g 5s____p19452d prof income g 5s stamped_11d prof income g 5s____p1945d prof income g Is stamped__hatt Div pur mon g 4s 1951Mac & Nor Div 1st g 5s....1946Mid Mobile G a DivvA1 tsl t Dg 15./3 5s _ _ _ 11904476

gen RR & 11 of Oa col g 5s_1937Pent of N 3 gen'l gold 5s_1987

Registered h1987Am Dock & Imp gu 5s___1921eh & Hud R gen gu g 55_1920Y & Long Br gen g 4s__1041

Oent Vermont lst gug 4s_e1920

Q- 3Q-JQ-FQ-F0-F0-FQ-NQ-S

111-SJ -D

F-AJ-JJ J51-SF- AJ -JM-SQ-JJ -I)

I

11-S51-N111-N11-N5.1 N11-N31-N11-N11-NM-SJ-JJ JJ 1J -J-JJ-J___

Q-JA.-()A-0NovNov11-NJ-DJ-DJ-DJ -DF-A,11,-SJ-J11-S51-Sill-SM-511-S5I-NJ -JJ -J11-NA-0A-0J -JIJ-JQ-JA-0Q-J____3 -J51-N51-NJ-J51-SA-0F -AJ -DA-0A-0J-JJ -D51-SM-NA-0J -JF-AJ -DJ -JA-0A-0F-A51-N1I-NOctOct_Oct_ _-J---1)J -JJJ - -JJ

11-NJ-JQ-JJ -JJ -J11-SQ-F

Bid Ask10012 101100121024 1031410212 1031411312 11411312 1141410012 10110212 103

I 97 981 86 00

I 89 90I 884 89I 8034

-__-I-- _ 10078t--- 9614t 07 97388714 8814

I - - - - 93--- 84

These are prices

9934 Sale0433 0434945 Sale0414 043410338 1035,10112 10210312 Sale10112 1017883 8312- — 10034- --- 1005,

*10034 — _10114 ____98 - - —99 091

_ -------- 861263 Sale

75 7096 Sale— — 974813 87

-- 8512

1304 87-, - . - - - -10314 Sale10214 Sale1034 Sale--------9914_ 02% 0487 8818119 9978

„„- 10612

10034 - - - -934 Sale

„„.- ----

10534 ----01 _ ----125 --------------- 0014 Sale— _ . 12412-,-- 1121297 1000012 - — -8813 -953 Sale0312 Sale9478 Sale- --- ----— 8712ails Sale8812 ----100 -„.,„- 1031210212 - - - -10014 - - - -----------10512 1 ----1 012 ----1)1 ----107 .....-103 — -- - - - ----

--------10310014 ----11034 ----48 ..„ -100 1064,— - - - -10018 - - -106 10712--------10614---- .—

--------105---- ------------107-. — ---------90 10014 ----1_0_0_1_4 ________

____ 1013117 1181211514 11812- ___ 10512— --__

--------10012Jan1 844

how High10012 Mch'131014 Jan '131025 Feb '1310238 Mch'1311312 11312114 Mch'1310012 J'ne '1110278 10278

97 9787 Mch'13

885, 8988 88188038 Lich 13101 101964 Mch'139678 Feb '138818 881802 Feb '138414 Jan '13

on the basis

9034 10095 Mch'13945 9480438 047810314 1031210114 1011410314 10312101 Mch'138334 833410078 Mch'1310014 1003410112 Feb '1310134Jan '1310312 J'iy '1099 Mch'13

Dee '115212 54

7412 75120478 969734 Feb '138612 8736 Lich 138514 8010818 Sep '1210134 1031410078 1021410178 10314 J'ly '110312 93128712 Lich 13100 Mch'13107 Feb '1310318 Feb '1391 031208 Oct '0 010634 Feb '13___95 Aug 12 938 9014

1231811038 May'll97 Oct '129012 91149014 Feb '1395 960312 03129478 0538112 Jan '128713 Jan '138814 8814884 8812101 Jan '1310612 100110214 J'no'1210834 Nov'12 Apr '1211312 Feb '129612 Oct '1201 J'ne '1210712 Mch'13103 1039534 Mch '13 J'ly '08

10912 Meh '1311114 Mch'1346 Feb '13106 106410034Jan '1111038 1103810638 Moh'13 Mch'13103 Dec '11

Dec '1196 Nov'll

Dec '118518 Oct '10 Feb '1310714 Jan '1211010534

May 1110112 Nov'12117 1181164 110410512 Feb '1310212 May'12

'1383 Mch 13

No.--._

4

20

1....—

62

__1

__- - --2

....._----

41-.__134916340

----22

---7

--__-_

......

70

la_119---4

_-_2

____41346132____3

-____--— .. -_-__10

..-—

___

12

321

513________29__5

______—________........__

2....._

____----_____28

1

__

___

_—__....._:_.

65

....._

—__----

Low High10012 1011810114 1011110258 102781025,10311312 1131211378 11414

102 10318

9618 991886 02

8712 9088678 891480 83100 109129612 974961 97128614 891202 95188414 8412

of S5 to £

0934 1003495 9759438 97340438 073410314 1051210114 10210314 1051210034

1013483 8610078 1011210014 1013110118 1011810134 10134,

99- W.

-51

7414 79789434 98189512 9883 881480 8683 88____10014 1-05149878 1035s10012 105%

92 13128678 929034 10012107 1071031a 103180034 951405 95105 10634

__ - I aors I2-1-21

I.'

8978 -011400 90120434 97780312 97

93., -0718

_ ___8748918814 0014884 9014101 1011004 10012___ _______ ___________ ________ __---- _10712 1103-8103 101340534 9534

10012 1-1-01211114 1117838 4614106 10614

110 1105,10014 10910614 10614

__ ___

-90- 00____ _____......: ::::

117 1163;115% 11812105 10512

10012 1001288 00


Week Ending April 4.

Z.g.te..... a_

PriceFridayApril 4

VeersRange orLast Sale 0301

Range Since ,

Jon. 1

Chesapeake & Ohio— • Bid Ask Low High No Low HighGen funding & impt 5s..„1929 J -J 101 Sale 10014 101 3 100 1021st consol gold 5s 1939 31-N 0

---- ----109381087 109 2 1(1812 110

Registered 1939 M-N Nov'12 ___ __ ...._General gold 4 30 199211-S 9938 9912 24 087 101Registered 199211-S _ ---- ---- 9912Mch'13 _--_ 0912 9912

Convertible 434s 1930 F- A 9014 Sale 004 9034 42 9014 9238Big Sandy 1st 48 1044 J -I) 8314 --- 8518 Feb 13 ____ 8518 85 4Coal River Ry 1st gu 48_ _1945 J -D 85 ___ _ 8812 Oct 12--. --- ----Craig Valley 1st g 5s 1940 J -J 09 ___ 10134 Mch'13 _... 10012 10134Potts Creek Br 1st 4s 1940 J-J 80 __ _ 8434 .Jan'13 --__ 8434 8434R & A Div 1st con g 4s 1989 J -J ........ 94 9134 Mch'13 _ -- 9134 0342d consol gold 4s 1989 J-J _ _ _ . 89 87 Men'13_-__ 87 88Greenbrier Ry 1st gu g 48_1940 11-N 85 .___ 95 Oct 10 ____ __ _

-(3.8 -:Thic & Alton RR ref g 3s 1949 A-() 366 ____ 67 Feb 13--- 67Railway 1st lien 33,0___1950 J-J 58 Sale 58 58 1 5512 631a

Thie B & Q Denver Div 4s:1922 F -A 9818 09 08 Lich'13 ____ 98 100Illinois Div 330 1940 J -J 8434 ____ 8412 8412 1() 8,1 8532Registered 1940 J-J .._ 864 Aug 12 ___ __ _

Illinois Div 4s 1040 J -J 9512 964 13 9513 9834Registered 1949 J J -- ---- ---- 97 Sep '12 ____ ____

Iowa Div sink fund 58_1919 A-0 103 104 10338 Feb '13 ..... 10338 10332Sinking fund 4s 1919 A-0 98 9834 08 Mch'13--- 08 994Nebraska Extension 48_1927 11-N 9014 0614 5 0514 97Registered 1027 11-N ---- ----9638 _ Sep '12 _. _., ___

Southwestern Div 48 1921 51-5 9712 --- 9834 Nov '12 __Joint bonds. See Great NorthDebenture 5s 191311-N 100 100 100 7 0034 1004Genera148 1955,11-S 9414 Sale 0338 044 86 9312 964

--)hic & E III ref & imp 4s g_1955 J -J -_— 75 74 Mch'13 ____ 74 801st consol gold 63 1934 A-0 — 120 110 Jan 13 __ 119 119General consol 1st 5s 1937 51-5--109 10718 Feb '13. —_ 106 108Registered 1937 11-N __ -----10613Jan '13 ____ 10612 10612

Pur money 1st coal 5s 1042 F-A ____ 07 0734 Feb '13 ___ 9734 98Registered

-J---5 .._-..Chic & Ind 0 Ry 1st 5s___1936 ::: 7. : : 7 ii5.14- meici5 7::: ioLr4 105-1;Dhic Great West 1st 4s____1959 1I-S 76 Sale 76 76 7 75 77383hic Ind & Louisv—Ref 03_1947 J -J 120 ___ .. 124 Feb '13 ___ 124 125Refunding gold Is 1947 J-J 10414 10814 10514 Feb '13 __ 1054 10514Refunding 4s Series C 1017 J-J .. — 9012 95118 Apr 11 ____ ---- --Ind & Loulsy 1st gu 4s 1956 J-J _._. 85 85 J'ly '12,

.Thic Ind & Sou 50-year 48_1956 J .1 9---- -----101

0014 Aug '12 __ __ __',)hic L 9 & East 1st 43-s_.1969 J-1) Dec '112hic Mil & St 1' terml g 5s_ J -J 10012 ____ 10034 10012 3 10014 10034_1914Golf' gold 4s Series A___e1.989 J-J 96 Sale 06 0612 15 06 09Registered 81989 Q-J _ _ _ 0614 9812 Feb '13 ___ 07 0812

Gen'l gold 330 Ser B e1989 J-J 3 41 833411c11'13 _ _ _ . 8334 85Registered e1980 J-J ---- ---- 86 _ 3110 11 ___ ____ _

25-year deben 4s 1934 J-J 8712 89 8714 Mch'13 ____ 8714 017Convertible 4 3s 1932 J-1) 10312 Sale 10214 10312 450 10114 10038Convertible 4 30 (wh issued) ---_ 10312 Sale 10214 10312 585 10034 1044Chic & L Sup Div g 53_1021 J -J 10-1 ____ 10438Jan '13 ..... 10412 104%Chic & Mo Illy Div 5s 1926 J-J 10578 . -__ 106 Feb '13 _ _ 103 10614Chic & I' w 1st g 5s 1021 J -J 104 10418 104 104 2 101 10514C M & Puget Sd 1st gu 4s_1949 J -J 8938 Sale 8812 8912 274 88 94Dak & Grt Sou gold 5s 1916 J-J 10112 _-__ 10214 Oct 12 ...._ ___ ____Dubuque Div 1st s f 6s 1920 J -J 11038 111 11012 Mch'13 ___ 11038110%Fa r & Sou assum g 6s 1924 J -J 113 ____ 11738 Aug '11 ____ ____ __La Crosse & D 1st 5s 1919 J-J 10318 ___ 10434 J'ne'12 ____ ____. ----Wls & Minn Div g 58 1921 J ...I 10314 _ _ 104 104 1 104 10434Wis Vail Div 1st 13s 1920 J -J 100 11234 10034 Feb '13 ____ 10034 10934Mil & No 1st cons 6s 1913 JD 10018 —_ 10018 Mch'13 ___ 100 1004Extended ,I,s 1913 J -D 100 ____ 10018 Aug'12 .___ ___- ____

Dille & Nor West cons 7s 1915 Q-F 104 10478 1044 10414 2 104 10514Extension As 1886-1926 F-A -------90 Feb '13 ____ 06 96Registered 1886-1926 F-A -___ 9512 1/13 Jan '13 ___ 06 06

General gold 330 1087 51-N Sale 8234 83 58 82 854Registered p1987 Q-F -------- 8434Jan '13 ___ 134 8434

General 48 1987 11-N 07 ale 97 9714 41 0078 9814Sinking fund 6s____1879-1920 A-0 --------11134 Nov '11 ____ ____ __Registered 1879-1029 A-0 --------10934 Aug'12 __

Sinking fund 5s 1879-1929 A-0 104 Sale 104 10-1 1 104 105Registered 1879-1929 A-0 ._ 10412 10438 Oct '12 __ __ __

Debenture Is 1921 A-0 101 103 103 Alch'13__ 101 103Registered 1921 A-0 --------101 Dec '12 ____ __

Sinking fund deb 5s 193331-N ....... 104 10712 Alch'13 ___ 107 1074Registered 103311-N -_ 10734 Auiell __Frem Elk & Mo V 1st 6s.._1933 A-0 121 __ 12114 Mch '13 _.. 12114 12114Man G B & N W 1st 3 30 1941 J-J 73 -- 0012 Sep '09— ---- ----M11W & 9 L 1st gu 330 1941 J-J 73 - - - - --- - - - ---- ---- ----Mil L 9 & West 1st g 6s 1921 11-S -: • 12 11112 11112 Mch'13 .__. 111 1124Ext & imp. 8 f gold 5s_1929 F-A 4; :12 __ 10714 Feb '13 ____ 10714 10714Ashland Div 1st g 631_192511- S 11, 12 - - _ 11418 Feb '13 —. 11418 1144Mich Div 1st gold. 6s 1924 J-J 113 ____ 11312 McIt'13.__ 11312 11313

Mil Spar& N W 1st gu 4s_194711- S 9234 9314 9312 9312 2 02% 04Northw Union 1st 75 g 191711-5 100 10934 115 •,1J'iy '11 ____ ___ .._Winona & St P 1st ext 7s_1916 J-D 108 _ _ _ 10812 10812 3 10812 1084

Dhicago Rock Is! & Pac 68_1917 J-J 105 100 10512 Mch'13....

105121064Registered j... j --------109 Aug 10 ___ ____

General gold 43 1988 J-J 03 Sale 93 03 9 0134 044Registered 934

-88-74-142

01 Dec '12 ___ __ ----Refunding gold 95 20-year debenture Is 111999338428 AJ.1---613

Sale 8412887414 8714

8810

833480

8900

Coll trust Series L 4s 1914 11-N 93 --__ 9734 Sep '11 ____ ___ ___P 4s 1918 11-N _ _ _ _ 95 94343'110 '11

Chic R I & Pac 1111 4s 2002 11-N 6418 Sale 63 6414 188 6112 6634Registered 2002 M-N ___ -___ 03%Jan '13 ____ 6338 6434R I Ark & Louis 1st 43,0_103431-S ___ 88 8734 Feb '13 ____ 86 87%Bur 0 11 & N—Ist g 5s 1934 A-0 __ 1011 10812 Fen '13 ____ 1081210834

Registered 1934 A-0 --------12012 Mch '03 __ ----0181 F& N W 1st gu58_1921 A-() ____ 100 10514 Sep '11 _.-- --LI & St L 1st gu g 7s 1927 J -D ---- ---- -_-_ ..... -- ---

Choc Okla& G gen g 5s__011119 J-J ____ 10034 10034 10034 1 1001210034Consul gold Is 1952in-N Imo ____ 106 Jan '13 __ 106 100

ICeok & Des Moines 1st 58.1923 A-0 974 9812 98 Mch'13 __ 98 98St Paul & IC 0 Sh L 1st 4 30 '41 F-A -- 89 89 Feb '13 __ 89 89

Dille St P M & 0 con 6s 1930 J-D 0---- -----8014

20 Mch'13 ____ 120 12034Cons 138 reduced to 3 30 1930 J -D .. _ _._ Dec '12 ---- ----Debenture Is 1930,n-s 101 Salo 1005 101 16 100121027Ch St P & Minn 1st g 6s 191811-N 118 -___ 11912 Feb .13 ____ 119 1204North Wisconsin 1st 68_1930 J-J 118 ___ 12938 May'o9 __ ---- —.St P & S City 1st g 6s 1019 A-0 1074 11'3814 10818 Mch'13 ___ 10818 10914Superior Short L 1st Is g_1930 M-S 106 ---- ---- ---- ---- ---- ----

Dhic & West Ind gen g 6s_g1932Q-M 1064 _-__ 107 Mch '13 ____ 10638 107Consol 50-year 4s 1052 J-J 8838 Sale 8838 8834 5 854 8911

Street RailwayBrooklyn Rapid Tran g 58_1945198 refund cony gold 4s___2002Bk City 1st con 5s_ _1916-1041Bk Q CO & S con gu g 58._1941Bklyn Q Co & 9 1st 58_1941igklyn tin E1 1st g 4-5s___1050Stamped guar 4-5s 1950

Kings County El 1st g 48-1949. Stamped guar 4s 1049Nassau Elec guar told 48_1951

Ponn 1Ly & L lst&rof 5g 43-la '51Stamped guar 00 1051et United 1st cons g 4 30-1032t Smith Lt & Tr 1st g 5s 1036rand Rapids Ry 1st g 5s 1016avana Elec consol g 5s 1052terboro-Metrop coil 4 3is_1056

,

MISCELLANEOUS BONDS—Continued on Next Page.

A-0J-JJ Jfl-NJ-JF-AF-AF-AF-AJ-JJ-JJ -JJ -J111-Sk-DA

A-0

10212 1039038 Sale_ 10214

:7— 98

Rif" Sale

7613 7798% 10098% 0972 Sale

98. - 4

92

_ _794 Sale

10212 10357% 903410214 Mch'1308 Jan '139812 Deo '1210038 10110034 100788312 Dec '1284 Mch'137634 7634101,-3 J'no'129914 Feb '1372 721893 Apr '12100 5ep '1208 Feb '137814 7912

17821

2

1

4

270

10114 103148614 0238101 1021298 98

la" foil;100 10134

-al- -14-76 78

-15.94 .-667;72 7514

98 98774 814

Street RailwayInterboro Rap Tr 58 Ser A_1952Manhat Ry (NY) cons g 4s..1090Stamped tax-exempt logo

Metropolitan Street Ry—Refunding gold 4s..., 2002Farmers' Loan & 'Tr ctf Stamped

Bway & 7th AY isle g 58_1943Col Sc 9th AY 1st gu g 5s__1093Lex Av & 1' F 1st gu g 53_1903Third Av 1111 cons gu 4s__2000Central Trust Co certifs Cent Tr Co ctfs stamped__- -

Third Ave Ry 1st g 5s____1937Met W S El (Ohio) 1st g 48_1938Milw Elec By& IA cons g 581926Refunding & eaten 4 3i 8_1931

Minneap St 1st cons g 58_1919

51-NA-0A-0

A -0

J-D51-S11-SJ-J

F- AF-AJ-JJ -J

10334 10434---- 933403 Sale

--__ 50

106 Sale____ 8418____ 103---- 944— - -

1034 10402 929212 93

04 May'1262l Jan '135934 Rich '12102 Mch'1310112 Dee '12101 Feb '1374 J'iy '12744 J'ly '1274 Nov'12100 1009312 J'ly '0610412 peo '119412 Oct '12102 Nov'12

84213

a

1002%19054:92 952

0212 8216

ioi 04

hio' 1674meowa

No price Friday; latest this week 4 Deg) April. e Due May. h Due July. k Due Aug. o Due Oct. p Due Nov. qDue Doe. r Option sale.


APR. 5 1913.1 New York Bond Record—Continued—Page 2 1003


Week Ending April 4

zZ g=I:,r...„

PrweFridayAlai) 4

reek'sRange orLast sale

45 3

efts ii js D 2d gold 4 Ms___19371st & refunding 4s 19591st guaranteed 4s 1059

Cin D & I 1st gu g 5s_.._1941C Find& Ft IV 1st gu 4s g_1923Cin I & W lst gu g 4s 1953Day& Mich lstcons 4 Ms_1031Ind Dec & W 1st g 5s 19351st guar gold 5s 1935

Cleve Cin C & St L gen 4s 199320-yr del) 43s 1931Cairo Div 1st gold 4s 1939Cin %V & M Div 1st g 4s 1091St L Divlst colt tr g 4s 1990Registered 1990

Blow & Col Div 1stg4s 1940W W Val Div lst g 4s 1940C I St L& C consol 6s 19201st gold 4s k1036Registered k1936

Cin S & Cl con 1st g 5s___19230 C C & 1 consol 7s 1914Consol sinking fund 7s....1914General consul gold 6s 1934Registered 1934

Ind I) & W 1st prof 4s 19400 lnd & W 1st pref 5s___d1938Pet) & East 1st con 4s 1940Income 4s 1990

Col Mid and 1st g 4s 1947Colorado & Sou 1st g 4s 1929Refund & ext 430 193551-NI, t W & Den 0 1st g 6s- 1921

Conn & Pas Rivs 1st g 4s_1943Cuba RR 1st 50-yr Os g —1952

Del Lack & Western—cl Morris & Essex 1st7s_1914

1st consol guar 7s 1915Registered 1015

1st ref gu g 3 Ms 2001NY Lack & W 1st 6s 1021Construction 5s 1023Term & Improve 4s 1923

Warren 1st ref gu g 3 30_2000Del & Iluct 1st, Pa Div 7s 1917

Registered 101710-yr cony deb 4s 19161st lien equip g 4 Ms 19221st & ref 4s 1943Alb & Sus cony 330 1946liens & Saratoga 1st 7s 1921Deny & li Or 1st con g 431936Consul gold 4 Ms 1936Improvement gold 5s 19281st & refunding 5s 1955Rio (Jr June 1st gu g 5s 1939Rio (Jr So 1st gold 4s1940Guaranteed 1940

Rio Or West 1st g 4s 1939• Mtge & col trust 4s A 1949Utah Cent 1st gu g 4s_a1917

Des Moi Un Ry 1st g 5s1917Det & Nlack 1st lien g 4s 1995Gold 4s 1995

Dot lily Tun-Ter Tun 43.0_1061Dot T & 1—OS Div 1st g 4s 1941Dul Missabe & Nor gun 5s..1941Dul & Iron Range lst 5s 1937Registered 19372d es 1916Du So Shore & At g 5s_ 1937jillgIn Jot & East 1st g 5s_1941Lido 1st consol gold 7s 1920N Y & Erie 1st ext g 4s...._19472d ext gold 5s 19193d est gold 4-s 19234th eat gold 5s 19205th ext gold 4s 1928N Y LE & NV lstg fd 7s1020Erie 1st con g 4s prlor 1090Registered 1996

1st consol gen lien g 4s 1996Registered 1096

Penn coil tr g 4s 195150-year cony 4s A 1953do Series B 1953

Duff N Y & Erie 1st 78_1016Chic & Erie 1st gold 5s 1982Cloy & Mahon Val g 5s 1938Long Dock consol g 6s 1935Coal & RR 1st cur gu 68_1022Dock & Imp 1st cur 65-1913X Y & Green L gu g 5s 1946/I Y Sus & IV 1st ref 53-19372d gold 4 Ms 1937General gold 5s 1940Terminal 1st gold 5s 1043

Mid of NJ 1st ext 5s 1940Wilk & Ea 1st gu g 5s 11142

Ev & Ind 1st con gu g es 1926Evans & T 11 1st cons Gs-1021lstgeneral gold Os 1942Mt Vernon 1st gold es 1923Bull Co Branch 1st g 5s 1930

Vlorida E Coast 1st 4 Ms 1059A ort St U D Co 1st g 4 M5-1041Ft IV & Rio Cr 1st g 4s 1928(la' II& H of 1882 1st 5E1_1913%-xreat Northern—CD & Q colt trust 4s 1921Registered It 1921

1st & refunding 430 ser A 1961Registered 1961

St Paul M & Man 4s 10335-i1st consol gold Os 1933Registered 1933Reduced to gold 4 Ms_1933Registered 1933

J -3J - JJ JM-NM-NJ -3j j3 -JJ -3j -DJ-JJ JJ -3M-NM-Is,M-SJ -3M-NQ-FQ-FJ -3J.D4 -D3 -33 - 3A-0(,)-JA.0Aprj .3F -A

J -I)A-0J -J

m-NJ -DJ-1)3 -D3 ...)F-A/11-NF-A--m_sM-S-149J -I)3 _Jm-NA-0M-N,j -J3 -3i-1)F-A3 -I)j-3___j -33 .. 3A-0A-0m-Nj-r)j-1)M-Nm.5J -jA-0A-03-33 -3M-Nm-5M-NNI- S13..5A-0J_D‘1. 5J. j3.3J -jj _ jF. AA-0A-04-1)m_Nj_.1A-0m-Nj..3M-NJ-jF-AF-Am_NA-0J -DJ-3j - 3A-0A-0A-0J -D3 - jj. 3A-0

3.3Q - JJ J

J-3J..3J - JJ-J

Bid Ask.... 10114

9112___ 91

1 ---- ---- 88

__ 90

---- job

9034 92140034 Sale

9112___ 904--- 92-------.--------90. _ _ 921047a ----8712. . 93.100 ____• 105

-------------------- -- 124

12284 „...

, -------------- — - 92

_ 4729 349112 Sale93 934107 10734----------------------------100

10258 - —1051 1053

- ---- ---- 11138-------- -90.1104 ---100 1053a9634 9714

HO-- ---

9733 97349934

0634 Sale8718 871211612 --„ -87 89--- -,,-9412 97128014 Sale--------100

77 - ------ 8682 833470 7782 ----07-------11088 9056 889612 9734__ 6212_ __ 105100 10353

-----------------10338--------11011114 113

,.., -----1011210212 194-------9914100 -92

- 11388— -8334 Sale

81 8373 734--74

8918 S9127714 Sale73 Sale10034 10910614 10912____ 10912123 - _ —--------106____ 10110112 109__10134821; 90

87__ 10812--------11112---- VS____ 108-- 10834

102-- -----------951)313 9612___ ,—.72 --74--------100

0513 Sale0414 9549872 Sale

120 --____ 124101 1048

_ -------- 10834

Low High10034 Oct '12-- - ._8614 J'ne '129814 Mch'13

Mch 118634 Feb '13

403- De -'-17.210713 Dec '0290140034 993490 Mch'138914 Feb .1390 9091 Oct '07

Dec '1191 Apr '1210478 Mch'130712 Nov 1290 Mch'1310718 J'ly '12105 J 'ne'12 120 Mch'13

94 J'iy '08--------

8814 Jan '1344 Mch'1330 Mar'1390 92129212 93108 Mch'13 Mal°

10278 Feb '131053s 105

Dec '1Mch '12

11012 Mat"1310558 Feb '139634 Feb '1310218 Feb '0311052/daw13

Aug '0197 9778984 08139614 96348613 871412112 May'128712 87129312 Mull '139612 Mar'137934 8014

Deo '12612 Apr '11

Mch '0882 8278 Mar'13

Jan '08Sep

92 Nov '1187 Dec '1297 0775 Feb '12

10414 Mch'13100 Mar'1310612 Mch '08104 Feb '11

Feb '13Aug '12

113 113J'ne '11

103 Feb '13Oct '12

103 Mch '13100 Jan '1211534 J'ne'128314 833485 Sep '1273 731477 Apr '128918 ma76 773871 73110 Apr' 12100 Mch'13109 May'1212258 Mch'13

Dec '1210012 Jan '1310312 Aug '1210013 100121004 Dec '0687 8710738 Feb '13

May'1298 08106 May'12__110 Jan '13987s Mch'13108 N ov '11

J'ne '12

94 Mch'1392 Aug '1072 Mar'13 Mch'13

9334 95129438 9413984 99

98Mch'1312012 Mch'1311914 Mch'1310214 Mar'13

J'ne '09

No.

. --__...._—

.....

4_—

i„-

.......

_.....

--

. —

_-3

-------__

,1721717_ _3

-29

3

__--

__

.. __1

......-

28

21

1100117

I___ _

1___

N

_

_.

2611

fil

___._.......—.

RangeSinceJan. 1

Low High

9814 lOO1s

8034 8634_

9014 92,89014 023890 90894 891490 91

_

1547-8 106.14-

90 90----

120 120

8814 894318 40,420 361400 94789114 94131074105

--

10234 1031810514 10512

11012 1113810412 10618964 9014

105-2 11038

96149614 0898 101496 991886 8834

-8512 89193 95789012 9979 8414- - - -

- -

82 851478 81

----

07

---

-6'64

10414 10414100 100

10338 10338

113 115

103 la-

id-

8314 87

7212 76

894 9075 8246914 7712

108 111

Nies iii-

iski1; 10012

100 1.511-2

-ig" "if -10738108

- if;

109 110

-

9873 9873

94 "063-4

72 "i61-2too loots

9312 9849312 969812 10058

98 -98-1412012 124411914 119141024 1044

-


Week Ending April 4

Z,g at-4'

PriceFridayApril 4

.Veet'sRange orLast Sale

St P M & M (Continued)— Bid Ask Low IlighMont ext 1st gold 4s____1937 J -D 9614 Sale 9614 9614Registered 1937 J -D____ 9534 98 J'ne '11

Pacific ext guar 45 L._ 1940-4s

J -J _.. _-97

9258 tutch 11E Minn Nor Div 1st g 1948 A-0 -- -- 97 Sep '12Minn Union 1st g es 1922 4-3 111 ___ 11414 Sep '12Mont C 1st gu g 6s 1937 J -J 123 --1241! Feb '13Registered 1937 J-J ___ 13614 May'081st guar gold 5s 1937 J -J 108 109 109

-

109Registered 1937 J-J __ 111

Will & S F 1st gold 5s 1938 J -D 10812 _ _ __ 110 Feb...15Gulf & 81 1st ref St t g 5s__b1952 J - 4 90 96 90 Mar'13Registered b 1952 J -J _ -- _ —

'Jock Val 1st cons g 4 Ms 1999 J-3 10014 Sale 100 10014II- Registered 1999 J-J ____ 100 10012 Sep '08Col & li V 1st ext g 4s 1948 A-0 92 93 92 Feb '13Col & Tol 1st ext 4s 1955 F-A ___ 924 9234 Mch '13

lions Belt & Term 1st 5s_1937 J -J . _ ----

10014 Dec '12Illinois Central 1st gold 45_1951 J -J 100 ---- 100 Mar'13i Registered 1951 J-J

---------8878Feb00 Sep '11

lst gold 3 Ms 1951 J-J --- '13Registered

Extended lst g 3 Ms 11995511 AJ -- (.1) ... .:. __ ..... ..... ..- .. .. 08831122 MayFel a , 01,3

Registered 1951 A-0--------

_1st gold 3s sterling 1951 m-s ---- ar.mir-ix5Registered 1951 13-SS _ --

-Coll trust gold 4s 1952 A-0 ;6E1s ..,.2._ 941 Mar'13Registered 1952 A-0 _ _ _ _ 93 9514 Sep '12

1st, ref 4s 1955 13-N 94 944 9378 944Purchased lines 330 1052 J-J -- 83 83 Feb 13L N O& Tex gold 9s 1953 M-N 9414 9713 9312 Mar'13Registered 1953 M-N 93

---- ----0479434Jan '11

Cairo Bridge gold 4s 1950 J -D 8 J'ly '12Litchfield Div 1st g 3s_1951 J-J -....- 70'8 7518 Nov'12Louis,' Div& Term g 3 Ms 1053 4-4 79 84 86 Oct '12Registered 1953 J-J --------83 Aug'12

Middle Div reg 58 1921 F-A --------123 May'99Omaha Div 1st g 3s 1951 F-A --------7514 Aug 12St Louis Div & term g $8_1951 J-J 65 77 '7512 Mch '12Registered 1951 J-J . 72 _ _Gold 3 30 1951 J-4 ;i .... 8512 Oct .iiRegistered 1951 J-3 --------10114

--------100Oct '99

Spring Div 1st g $3,s 1951 J-J --- Nov '00Registered 1951 J-J ----

-_,,. ,...,..,

Western lines 1st g 4s 1951 F-A ---- 9612 94 Feb '13Registered 1951 F-A ----

---- ----11713_

Miley & Car 1st 65 1923 J-D --- ma-y-ioCarb & Shaw 1st g 4s 1932 M-S .._ _ --- 9412 J'ly '12Chic St L& NO g Is 1951 J-D __ Ill 11314 Nov'12Registered 1951 J-D 1111

-------- 90114 Feb 'II

Gold 3 Ms 1951 J-D ---- Oct '09Registered 1951 J -D ---- ---- - --

-g-iiMemph Div 1st g 4s 1951 J-D --- -- 921-2 AuRegistered 1951 J-D

----- -,- -___ __

St L Sou 1st gu g 4s 1931 M-S -„„.. 9612 98 J'ir '08Ind III & la 1st g 4s 1950 J-J 92 9434 92 Mar'13Int & Great Nor 1st g es 1919 M-N 10514 107 10514 Mar'13Iowa Central 1st gold 5s 1938 J-D 94 97 974 9718Refunding gold 4s 1951 Al- S 69 60 00 601 amestown Franklin &U Clearfield 1st 4s 1959 J-D __-_ 9312 93 Mar'13Iran City Sou 1st gold 3s 1950-1.1- Registered 19501A-0

A-0 —.. 7012---------63

7112 Feb '13 Oct '00

Ref & impt 5s Apr 1950 J-J 95 9/12 974 Mar'13Kansas City Term 1st 4s___1960 .1-4 9313 Sale 934 944

Lake Erie & IV 1st, g 5s.„1937 3 -J 104 10512104 1042d gold 5s 1941 J-J ---- 100 97 Mch'13

North Ohio 1st gu g es 1945 A-0_ 102 10414 Inc '12Leh Vail N Y 1st gu g 4 Ms_1940 J-J fed 1024 102 Mch'13Registered 1940 J-J --- 10418 May'12

Lehigh Vail (Pa) cons g 4s_2003 M-N —_ 96 9512 Feb '13Leh V Ter Ey 1st gu g 5s_1941 A-O 11052 ---11014Feb '13Registered 1941 A-0 ____ ----11114 Dec '11

Leh Val Coal Co 1st gu g 5s_1933 J -J -- — 10512 Mch'13Registered 1933 J-J1st int reduced to 4s 1933 J-J ----

- Loh & NY lst guar g 4s 1945 M-S 80 ---- 93 J'n-e-iiRegistered 1945 M-S __— --

---- - -

El C & N 1st pref es 1914 A-0 — — ---- 10112 FebFeb'10Gold guar Is 1914 A-0 — ---- 103 Dich '12

Long Isld 1st cons gold 5s_h1931 __-__ 112 107 Mch'131st consol gold 48 h1931

1-J-J 1 ---- 9614 Mch'12

General gold 4s 1938 -D --------93 Feb '13Ferry gold 430 1922 11-S ____ 102 9014 Nov'12Gold 4s 1932 j..1) __ 97 994 Oct '06Unified gold 4s 1949 Al- S _-__ 90 89 Feb '13I)ebenture gold 5s 1934 J-D __ -, -. 10412 Dec '08Guar ref gold 4s 1949 M-S 913 964 9112Mch'13Registered 1949 M-S ---- ---- -95 Jan '11N Y 13 & III 13 1st con g 55_1935 A-0 ____ .-- 1014 Nov '06N Y & li )3 1st g 5s 192713-S 10312 1053- 103 Jan 13Nor Sh B 1st con g gu 5s_o1932 Q-J 103 -___ 10414 Dec '1

Louisiana & Ark lst g 5s 1927 13-S - — 9414 93 Feb '13Louisville & Nashville--General gold 6s 1930 J-D *112 --112 112Gold 5s 1937 m-N --------111 Mch'13

• Unified gold 48 1940 J - j 941 9634 9512 9534Registered 1940 J -3 --------11612Sep '12

Collateral trust gold 5s 1931 M-N 1054 ....- 10638 Mch'13,E 11 & Nash lst g Os 1919 J-D __ 11112 11012 Dec '12L Chi & Lex gold 4 30 1931 M-N --- --__ 10434 May'12N 0 & M 1st gold es 1930 J-J _-__ ---. 12014 Mch'13N O& M 2d gold (Is 1930 4-3

--------04 11418 Feb '131

Paducah& Mem div 4s 1946 F-A — Oct '12Pensacola Div gold 6s 1920M-S 1051-3 ___. 10512 Mch'13St Louis Div 1st gold Os_1921 M-5 ___ 112 11212 J ly '122d gold 3s 1980 M-S --------6038Sep 'l'A

Atl Knox & Chi Div 4s 1955 M-N ___ 91 91 Mch'13• Atl Knox & Nor 1st g 58_1946 .1-1) 103 ____ Ill Jan '13Hender Ildge 1st s f g es 1931 M-S *105 ____ 106 Apr '11Kentucky Cent gold 4s 1987 j- .1 90 __ 90 Mch'13L& N& M & Al 1st g 4 Ms 1945 11-S ,,__10314 10314 Feb '13L& N-South M joint 43 1952 J-J _.. 8778 8734 Feb '13Registered 1952 Q-J •____ _ 95 Feb '05N Fla & S 1st gu g 5s 1937 F-A •____ 108 1094 Oct '12N & 0 Bdge gen gu g 4 Ms 1045 J-J 994 10113 Jan '13Pens & Atl 1st gu g 6s 1921 F-A 105 110 11014 Oct '12S & N Ala con gu g 5s 1936 F-A --------10915 J'ly '12L & Jeff Bdge Co gu g 45 1945 M-S 80 ____ 9114 lich'12

No.1

2

17

__

--22

---

---

----

-

1

91

-_-

_-_-

1._

Range.cincsJan. 1

Low Higli9558 961

124 124$

— -

idi

110 110

109

90 9512

98i 101¼

92 929234 92%

loci- lois;

847k 887s8812 881

9414 0614

- - -

937

- - -

-Citr83 8393 9614

- - - - -••- — -— -- -

- - - -

04 94

—

92 -93410514 10794 1)93860 6414

93 947113 72

971 99934 964104 1061297 10234

1517-2 fat;

9512 971k11018 1104

106'z 1051g

—

kW" kir

93 04

-89 894

-61 9438

103 103

93 "sii1;

112 nos11012 1119512 994

156.1-4 IOW,

1204 1304114410512 10534

- if- 0238110 iii

"sir -Ell103 19348734 90

10112 1011k

....


Street RailwayNew On liy & Lt gen 40_1935 J -J

- 8713 8534 Feb '13 ____ 85 8534

N Y Rys 1st K E & ref 4s temp J-J 7634 Sale 7612 77 48 7452 7930-year adj Inc Os 1942 A-0 5834 Sale 5778 60 933 57 004

Portland liy 1st & ref 53_1930 M-N 101 Jan '13 ---- 101 101Portland Ey Lt Se Pow 1st& ref cony s f 5s 1942 F .A - 90 95 Mch'13

Portland Gen Elec 1st 55_1935 J J __ 101SI, Jos liy L, .11 & P 1st g 5s 1037 M-N 98 Nov'08St Paul City Cab cons g 53_1937Third Ave 1st ref 4s 1960

J-JJ- J -6.67-2 Sale

103!! Feb '13804 8072

.---65

1031;1031;7978 8258

Adj inc 5s a1960 A- 0 7234 Sale 724 7272 20 7012 7678Tr -City liy & Lt 1st s f 55_1923 A-0 __ 9712 97 9712 14 97 9912Underground of London-43-s 1933 J-J 9212 9312 9313 9313 7 93 9534Income Os 1948 894 9214 8912 Mch '13 ---. 87 9312

Union Bloc (Chic) 1st g 55_1045 --- .- 84 Oct '08United Rya Inv 1st lien colltrust 55 Pitts Issue 1926 M-N 76 Sale 7314 76 4 73 83

Street RailwaysUnited Rys St List g 4s___1934 J-JSt Louis Transit gu 55____1924 A-0

United ERs San Fr s f 4s__1927 A-0 44Va Ity St Pow 1st & ref 63_1934 J-J

Gas and Electric Light

Atlanta G L Co. 1st g 55.-1947 J-D 101 ___ _ _ ___ 105s;Bklyn U Gas 1st con g 5s__1945 M-N -___ 10634 105 - 1053

Buffalo Gas 1st g 55 1947 A-0 EA Oct 124 loi

-- --Columbus Gas 1st g 55-119932 J-J23Detroit City Gas g 5s J -4 -C45-4 Dili - 160 - mcii-qi I::: "iiii Rid'Det Gas 00. con 1st g 5s 1918 F-A —_ 9558 Sep 08

jai" isiiiiiDot Edison 1st coll tr 5s .1933 .1 -J 1014 102 - 1014 Mch'13Eq G L N Y 1st con g 53 1932 M-S ___ 11).7.. 1213 vent 11Gas & Elec Barg Co c g 5s-1949 J -D 100 NCI'(Jr Rap G L Co 1st g 5s 1915 F-A ___

igis4Oc1011394 i joia; lailiiHudson Co Gas 1st g 55-1949 M-N 101 - 10....1-.

86624 --_— 96

7312 Mch '1383 Nov'1262 627895 Jan '13

7314 7344

754 if"94 96

Kan City (Mo) Gas 1st g 5s 1922 A-0 __-. --- 9812 Sep '12 ---- -....

.4' No price Friday; Latest bid and tusked this week. a Duo Jan. 0 Due Fab. d Due April. h Due JUlY. k Due Aug. o Due Oct. s Option sale.


1004 New York Bond Record—Continued—Page 3 woL. xcvi.

BONDSgN. Y. STOCK EXCHANGE

Week Ending April 4

' g."t.,e..

PriceFridayApril 4

Week'sRange orLast Sale

.3acO)

RangeSinceJan. 1

Al anila RR—Sou lines 48_1936iv! exican Cent Inc g 3s tr recta_Equip & coil g 5s 1917Mex Internat 1st con g 4s 1977

_Stamped guaranteed 1977 1927Minn & St L 1st gold 7s_ _

Pacific Ext 1st gold 6s_ __ _19211st consol go.d 5s 19341st and refund gold 4s___ _1949Des M & Ft D 1st gu 48_, 1935M StP&SSM con g 4s int gu 1938

Chic Terml s f 4s 1941MS S& A lst g 4s int gu_1926

Mississippi Central 1st 58_ _194 9Mo Kan& Tex 1st gold 4s_ _199 02d gold 4s g19901st ext gold 5s 19441st & refund 48 2004Gen sinking fund 4 Ms__ _1936St Louis Div 1st ref g 4s.._2001Dal & Wa 1st gu g 5s 1940Kan C & Pac 1st g 4s 1990Mo K & E 1st gu g 5s__1942M K& Ok lst guar,58 1942M K& T of T 1st gu g 58_1942Sher Sh & So 1st gu g 5s_ _1942Texas& Okla 1st gu g 5s 1943

Missouri Pac 1st cons g 6s_1920Trust gold 5s staznped_a1917Registered a1917

1st collateral gold 55 1920Registered 1920

40-year gold loan 4s 19453d 7s extended at 4% 19381st & ref cony 5s 1959Cent 13r Ey 1st gu g 4s 1919Cent Br U P 1st g 4s 1948Leroy & 0 V A L 1st g 5s_1926Pee Rot Mo 1st eat g 4s_19382d extended gold 5s___ _1938

St L Jr M & S gen con g 5s_1931Gen con stamp gu g 5s 1931Unified & ref gold 4s 1929Registered 1929

Riv & G Div lst g 4s 1933Verdi V I & W 1st g 58_1926Mob & Ohio new gold es 19271st extension gold es____h19 27General gold 4s 1038Montgom Div 1st g 58 1947St L & Cairo coil g 4s_ __e1930Guaranteed gold 4s 1931

N ashville Ch & St L 1st 7s 19131st consol gold 5s 1928

Jasper Branch 1st g 8s 1023mcm m W& Al 1st 6s 1917T & P Branch 1st Gs 1917Nat Itys of Mex pr lien 4 Ms 1957Guaranteed general 4s 1977Nat of Alex prior lien 4 30_19261st consol 'Is 1951N 0 Mob & Chic 1st ref 58_1960NO & NE prior lien g 6s__p1915New Orleann Term 1st 4s 1953NY Central & IL R g 3 30_1997

Registered 1997Debenture gold 4s 1934

Registered 1934Lake Shore coil g 3 30 1993

Registered 1993Mich Cent coil gold 3 30_1998

Registered 1998Beech Creek 1st gu g 4s1936

Registered 19362d guar gold 5s 1936Registered 1936

Beech Cr Ext 1st g 3 30..51951Cart & Ad 1st gu g 4s 1981Gouv& Oswe lstgug 5s 1942Moh & Mel 1st gu g 4s 1991N J June R guar 1st 4s 1986Registered 1986X Y & Harlem g 3 30 2000Registered 2000N Y& Northern 1st g 5s 1927N Y & Pu 1st cons gu g 4s_1993Nor & Mont 1st gu g 5s 1916Pine Creek reg guar 6s 1932R W & 0 con 1st ext 5s__h1922Oswe & It 2d gu g 58____61915R W& OT It 1st gu g 5s 1918Rutland 1st con g 4 _3,01941Og & L Cham 1st gu 43 g 1948Rut-Canad 1st gu g 4s 1949

St Lawr & Adir 1st g 5s_19962d gold Gs 1996

Utica & Blk Riv gu g 4s 1922Lake Shore gold 33s..,.,,,1997Registered 1997Debenture gold 4s 19282 5-yr gold 48 1931Registered 1931

1Ka A& G R lstguc 5s 1938Mahon 0'1 RR 1st 5s 1934

Pitts & L Erie 2d g 5s_ __a1928Pitts McK & Y 1st gu 6s 19322d guaranteed Gs 1934McKees& B V 1st g 63-1918

Michigan Central 5s 1931Registered 1931

4s 1940Registered 1940

J L & S 1st gold 3 30_19511st gold 33'35 195220-year debenture 4s 1929NY Chic & St L 1st g 48 1937Registered 1937Debenture 4s 1931

M-N

A---0.11-SM- 5J-DA-0Al-NM-SJ-JJ-JM- NJ-JJ-JJ 1)F-A1,1-NII- SJ-JA-011-NF-AA-0Al-N14-SJ-D11-S1.I-NAI- S11-SF-AF-AM- sbi-N11-SF-AJ-DJ-JF-AJ-JA-0A-0J-JJ-JM-NM-SJ-1)Q-Jki- SF-A(,)-F.1-JJ -JA-0J-JJ-JJ-JJ -JA-0J-JA-0J-JA-0J-JJ-JJ-JA1-NM-Ne-A82F-AP-AF-AJ-JJ-JJ-JJ-JA-0J-DJ-DM-SF-AF-AM-NM-NA-0A-0A-0J-DA-0F-Aill-NJ-JJ-JJ-JJ-JA-0J-JJ-DJ-Dbi- SM-NM-NJ-JJ-JA-0J-JJ-JJ-Jm-sQ-MJ-J- --------98J.ØM- SM-NA-04-0A-0Al-N

Bid Ask__ _ _ .

___.

---------77___ __

- ___ __

_ 108- 96____ 6012__. 81.. 9458------9714_ _ .9614 —___ ____92 Sale79 7912___ 9912— 7(12$4 8473____ 771297

877-8104 10458_-__ 1031494 10014

_ _ _ 10114101 10210514 105129884 Sale

9712 9812.. _ _ _id Sale____ 96128513 861490 ___

___- ... _ _

9234 9314103 ____101 Sl --------104 --82 Sale8034 _3 Sle ---------

-- 11812.__ 1131283 — _10734 11089 _ __ _- 9234

10038 100341061 Sale _ -- -----11121 .... _

---- --113___ 85.— 82—__ 99____ 76_ — 801001-2 10314...... 8885 808212 ----91 Sae _ -- -- --- -93_

Sale7934 83--- 7814---- 771297 9818—__

idd--------------------

--------------- -------83

106 ---..,..., ----94 — —---- ----85 -- .____ ...,_105 1071-2____ 9438---- ----112 .....-10313 ......____ 1051410112 —- — 9738- — 8.5--------92—. 110

--------11913---- — -8618 8612

8791 91129114 Sale---- --- .---- ---107 1101-210818 - _....... ----13018Jan

- -iii

16638. -119

___4418 8618-___ 889712 98-------- 0712__ 8712

Low High_

-2'54 Ap-r-ii9

Mch '1079 Nov'10

12412 Oct '1211018 Aug '1194 Mch'136014 60/47934 Dec '129414 9412 J'ne '129614 May'129812110'1192 927812 78129912 Mch'137713 Mar'1384 841477 Dec '1210478 Sep '12877k Feb 1310413 10412104 Jan '1310014 10014103 Jan '1310112 Mch'13105 1059812 983497 May'1297 9812

_ . _ _id id9612 May'll8513 8691 Mch'13.....,..81 Dec '12110 Lich '059318 9318103 Feb '13103 10312 Oct '128178 82

8078 Oct '128234 8314 96 Jan '13117 Mch'1311234 Jan '138418 Mch '13108 Itch '13____8573 Dec '1292 Nov 1210013 Alcii'1310612 10612 Jan '13

10312 Jan '13J'ly '04

8218 8377 Feb '139678 Feb '137612 Jan '13'79 80-- r — -861-8 Feb '138412 8583 Mch'138878 8913 May'12

8012 827912 791377 Mch'13...._78 Sep '1298 Feb '1399 May'll

.. Oct 'i

-- _-_-0838Jan '13105 Oct '02--_, ----871-2 Deo '12____ ____107 Feb '13_--9778 Aug '11---- --__13112 Jan '09104 Mch'13___101 Alch '12104 J'ne '1006 Oct '128314 Feb '13

J ne'09108 Sep '12

Meh'129978 Nov '118512 85128684 Feb '1391 91129078 911293 Oct '12___ .. __1111-2 Mc12-'11105 Apr '12

'0012314 Mch'12

- -Ili Jan '12J'ne '06Apr '12

9812 Nov '1190 J'ne '0888 Feb '138734 Mob '1397 9712

Jan '138634 8634

No.

-_-_-_-

__ ---

_7

__ -5

_______

213

_____4

__1

_-__1

_-__— _ _1011.16_i

6

2

14--- r.

U___12_____

_______

________

_1

_________15

_ __________

'1---___43

___11

14810

________.......

________

----______

____--

_ _______________________3

34106____—___..___

____________

........

_____2

.

Low High

- - -- --

_____ _ _ _

94 1005_912

-

6273_

-941-4 97 -1st ____ __ _ _

---- - —90 95147812 81398 99137412 771284 87

8778 877810312 108104 104129912 10114103 10310112 10112104 106129814 100

97 9938_1

641-2 "i634

8514 88 -91 9134

9212 931;103 103103 106-,--- -zrSI LiZ C8_ _8214 831296 9611658 1171411234 112348418 8578108 1Crj____ _ _ _ __

10038 10110612 10814Ill ni10512 10512

8218 88127614 789678 96787612 7613'78 87—__ __ _ _8618 871284 8782 86348712 9112

763-4 if76 7913'75 '7812___ ____98 98___ __

-___ ____ _ .983; 6138____ _ _

-__

10512 107_

-_____

104i 10614____ _____ _ ______ ___8314 84___ ____

__ ____..... —__Ws 88128634 889014 02349014 9258____ __

____

_

86 86128734 8997 99129712 97128634 89


Week Ending April 4

113 '•,i.'Z L--..a..

N Y C & H R'—(Con)---West Shore 1st 4s guar_ __2381 J-JRegistered 2361 J-JN Y Cent Lines cq tr 4 M s 1932 J-JN Y New Haven Sz Hard-

1955 J-JNon-cony 4s 1956 111-NNon-cony deben 4s

Cony debenture 330 1956 J-JCony debenture Gs 1948 J-JHarlem R-Pt Ches 1st 4s_1954 M-NB & NY Air Line 1st 4s_1955 F-ACent New Eng 1st gu 4s 1961 J-JHousatonic R cons g 5s_ _ _1937 11-NNYW'ches&B lst ser I 43••65 '46 J -JN H & Derby cons cy 55.._1918 111-NNew England cons 5s 1945 J-J

Providence Secur deb 4s_11994575 11j:AConsol 4s

N Y CI& W ref lst g 4s____g1992 M-SRegistered $5,000 only__g1992 11-S

Norfolk Sou 1st& ref A 53_11996515 laj--DAGeneral 4s

Norf & West gen gold es_11994311 Alh1-1Norf & Sou 1st gold 5s

Improvement & ext g 68_1934 F-ANew River 1st gold 6s 1932 A-0N& W Ry 1st cons g 4s 1996 A-0Registered 1996 A-0DWI lstl& gen g 4s___ _1944 J.-J

Convertible 4 Ms (wh.is.)111909333822 1j1: 13S

10-25-year cony 4s 1 0-2 0-year cony 4s

Pocah C & C joint 4s 1941 J-150 C & T lst guar gold 5s_ _1922 J-JScio V & Nil 1st gu g 4s_ _1939 bi-N

Northern Pacific priori g 4s 1997 Q-JRegistered 1997 Ql.

Registered General lien gold 3s a2047 ()-

Dul Short L 1st gu 5s_ NI-_ 1 546 Y : DsSt Pa.ul-Duluth Div g 4s-

St P& NI' gen gold 6s_ _1923 F-ARegistered certificates__1923 Q-F

St2(P1a5u61& Duluth 1st 5s_ _1931 F-A

1st consol gold 4s 11996178 AJ :OD

Wash Cent 1st gold 4s__,._1948 („)-MNor Pac Term Co 1st g es 1933 J-JOregon-Wash 1st & ref 4s 1061 J-J

pacific Coast Co 1st g 53_1946 J-Dennsylvania RR—

Consol gold 4s

1192193 ifult--Ns1st real est g 4s 9Consol gold 5s

1943 31 DTIConvertible gold 3 _

J30_ _o1915 -

Registered 01915 J-D

Alleg Val gen guar g 4s___11994428 A'''11--NSConsol gold 4s

D R R R& ll'ge 1st gu 4s g '36 F-APhila Balt & W lst g 4s_ 1943 M-NSod Bay & Sou 1st g 5s_ 1924 3-iSunbury & Lewis 1st g 4s_1936 J-JUN 3 RR & Can gen 4s....1944 M-S

Pennsylvania Co-1921 J-J

Registered 1921 J-JGuar 1st g 4 Ms

Guar 33.s coil trust reg_ _1937 Al- SGuar 330 coil trust ser B_1941 F-ATrust Co ctfs gu g 3 3.0_1916 M-NGuar 3 30 trust ON 401.-1942 JDGuar 3 34 8 trusrt cesD 1944 J-D

1941032 M1 A--OCin Leb & Nor gu 4s g NGuar 15-25-year g 4s

Cl & Mar 1st gu g 4 30_1935 111-NCI& P gen gu g 4 Ms ser A 1942 J-JSeries B 1942 A-0

• Jut reduced to 330_1042 A-0

es D 3 Ms 1950 F-A 1948 bi-N

SeriSeries C 3 Ms

Erie & Pitts gu g 33s B 1940 J-JSeries C 1940 J -J

Gr R & I ex 1st gu g 430_1941 J-JPitts Y & Ash 1st cons 5s_1927 SI-NTol W V & 0 gu 430A 1931 J-JSeries B 43-is 1933 J -.ISeries 0 4s

4P C C & St L gu 4 Ms A 1199402 MA.--OS

Series D 48 guar

1942 A-0LI-N

1945 M-N

Series B guar Series 0 guar 1942

Series E 33s guar g 1949 F-A1953 J-1)

Series G 4s guar 1957 MNSeries IP gu 43 g

peoC S8,t Pelt

Punlstsctogn6g85s 1932 A-0

2d gold 4 Ms • 1921 (,)-F

Pere Marquette—Ref 4s 611992551 114J--11

Flint & P M g es

1955 J-J1921 J-1)

Refunding guar 43 Ch & W M 5s

1st consol gold 5s 11993290 4An--NO

Pt Huron Div 1st g 5s 1939 A-0Sag Tus & IL 1st gu g 45_1931 F-A

Philippine By 1st 30-yr s f 4s '37 J-JPitts Sh & L E lst g 5s 1940 A-01st consol gold 55 1943 J-J

-L‘ Registered 11999977 Jj-1D eadIng Co gen g 4s

Jersey Cent coil g 4s 1951 A-0Atlan City gu 4s g 1951 J-J

-1 t Jo& Gr Is% 1st g 4s 1947 J-Jt Louis & San Francisco—General gold 6s 1931 J-JGeneral gold 5s 1931 .1- JSt L& SF RR cons g 43_1996 J-JGen 15-20-yr 5s 1927 111-NSouthw Div 1st g 5s 1947 A-0Refunding g 4a 1951 J-JRegistered 1951 J-J

la RangeSince

a'Bid Ask Low High N! /. oLowa JugS9812 9612 9634

46

10012 J'ly '119514 9534 9514 9514 1 .9.5_9!.1.2

PriceFridayApril 4

IVeek aRange orLast Sale

84 8818 8878 Feb '13 _—_ 8714 8912,82 8513 8814 Feb '13 ___ 8814 831281 8512 81 Mch'13 __-_ 81 87'12138 Sale 12118' 12112 50 119 17

-

.3— 9914 Nov'12

9913 J'ne '120014 0014 Mch'13 014

•11014__,._ 110 Feb '13 :27 110 11095 .9.5.1.2 10075

Augg950938 9434 9814:

_ -0.61-2 Me-ii-''H"-84 - 8314 Feb '13 .___ -iiii's -8114,

8978 4, 87 9212'_-1-i';,: ..8..9:7_: 982912 J'ne '12 ...._ __-- _-

8058 Feb '12 —_98 98

100 Mch9'813 —_7_ 10908 1090914iii iii5;118 118 1 118 120 :"

123 Jan 13 __ 123 123__ . _ 12134 12034Feb '13 .___ 12084 120349514 9634 9434 9434 19 94 99

_ 98 Jan '11 --__-91)4 -5W491 92 111 Mch'13 __

107 108 10412 Mch'13 -___ 10.113 11278107 _ . _ . 10678 10714 128 10678 1111210534 Sale 10118 10534 749 10212 1078853 90 8712 8912 5 8712 02

_ _ _ _ 106 10534 Jan '13 —_ 10534 1053490 ____ 05 Feb '13 -___ 94 95339512 Sale 9518 995512 901 0055 998574

95-6712 Sale 6614 6713 49 66 681465 6012 63 Jan 13 ____ 68 68

Ili- Hi"

953•71. .7.7:: 100211122 AOIcetli 4123 .......... 9214 9212

_—_ 113 113 Mch'13 — ............113 11538 Aug '11 —._

1152-1-8 i0i32;--- ---_ 107 Jan '12 —

10238Jan '13

ini; iiiii

____94 J'ne '12 ____ _ _3_ _ _ _ _9113 Apr 'II- --- -1i3 .-

1I-6.7-8 _ — 11073 11078 290 Sale 90 9014 22 90 91149934 10012 100/2 10012 1 99 10112

10114 Mch'13 10114 101

-

14

1—. 107 110 Meh'12— ....— 10012 Mch'13 16.612 i6(12967-8 Sale 9634 9678 102 996 058 9712

97 Mch'13 7 7

iddi Sale 100/8 10078 9 100,014 190920144.._ 10018 9914 Feb '13

1.00- for____ .... 100 Sep '12

_ — _-100 Jan '13

"g- :::: 102 Jan '0394 ----

iii11-2 bia-37'li ------------........ ---

10212 — 10212 lich '13 10233 10410214 1023410134 ___ 1024 Jan '13

-i*E3-8 "id—_ — 87 89 Sep '128534 ____ 8538 Mch'1397 -___ 9758 Dec '128538 _— 88 bich'12

3 :.9.7.2-; :9:2:1:2

8538 ____ 8784 Jan '12-tiii-2 -96495 9612 9412 9412

9213 9312 9218 Feb '1398 ....... 110 Jan '05

---- —.10734 Dec '1110934 J'ly '00

....... ..

.............0114 Feb '12 .

85 ..... 9018 Oct '12 _— ------------85 -___ 90 May'08

9013 911- May'12

iji1-2 1611-290 , J'iy '12

:::: 10213 1011 Feb '13109 May'lO OD

10218 J'ne '12 —

iff" iddi;

— — --

101. 101

------------93 ____ 10238 Nov'12

98 9552 Oct '12101 10234 101 Mch'13101 10314 101 Mch'13

-- ......--__ - — 106 J'ne 11- — 98 97 Dec '12

- -9 -71-3 9714 -

90 _ _ _ 9514 Sep '1295(4 Jan '13 -65.1; -figi

9513 — _ _ 19137122 Jan v .1131...— .-_-- 106 Feb '13 idi- M6'-94 95 9313 Jan '11- 5912 54 Jan '13 -5-i- "U.'

5478 51 Mch'13

--511:1; : --61)--61- :

08 Oct '121903,12 Oct

Feb

:1132

I a:: f:-2, :I:

104

9g.8i. .3i, . - gi .14 NF eoliv - : -1.151

. 97 96 Feb '139512 961s

05 _ .._ 113 J'ly '12 -----------11,124

-i1.63-2 Yale 9614 9634 64 --9 is --9tigiii-9512 Mch'1398 Mch'13 -iiti-

0513 064

"ii: "if - ---i 'if" "ii"

____ 115 11414 Jan '13- 1043t 10212 Lich '13

86 8512 Deo '12

11414 11414

794 7912-7-9-1.! !.,l_e_ 100 Jan '13

68 10212 10434

7514 Sale 7434 7538 35 . 4 . . .!

-774 -7/1.6i:1;100 100

381034 Mob '11


Gas and Electric LightKings Co El L & P g 5s____1037Purchase money Gs 1997Convertible deb Gs 1922Ed El Ill Ilkn 1st con g 48_1939

Lac Gas L of St L 1st g 5s..e1919Ref and ext 1st g 5s 1934

Milwaukee Gas L 1st 4s 1927Newark Con Gas g 55 1948NYGELH&Pg 5s 1948Purchase money g 48 1949Ed El III 1st cons g 5s 1995NY&QE1L & P 1st con g 55 1930N Y & Rich Gas 1st g Is.... ..1921Pacific G & BIC° Cal G & ECorp unifying& ref 5s_._....1937

Pee 11(nv & Lt 1st & ref 20-yr58 Internal Series 1930

Pat & Passaic G & B 5s 1949

A-0A-0in-sJ-JQ-FA-011-NJ-DJ-DF-AJ-JF-AM-N

M-N

F -AM-S

--- 10412115

__ 123ig18 _ _10134 Sale— 101ii84 sale102_102 Wale85 Sale

-- -- 10118_

9478 '9538

9312100 103

10434 Feb '13114 Feb '1312212 Dec '128818 881s10134 1013410012 100788934 893410614 Apr '1210134 10285 8510652 10638100 Mch'139212 J'ly '09

9478 95

9412 Mch'1310258 J'ly '12

10434 10434113 114

1 8818 881,2 10138 102123 10012 1022 8912 90 .

--42 1013; 103134 84 88121 10658 10812100 1014

23 9434 96

9412 9412

Gas and Electric LightPeo Gas & 0 lat con g 6.51943

Refunding gold 5s 1947Registered 1947

Oh G-L & Cke 1st gu g 58_1937Con G Co of Ch 1st gu g 5s1936Ind Nat Gas & Oil 30-yr 5s '36Mu Fuel Gas 1st gu g 5s 1947

Philadelphia Co cony 5s 1919Cony deben g 53 1922

Stan Gas & El cony s f es....1926Syracuse Lighting 1st g 5s..,_1951Syracuse L & P 55 1954Trenton G & B 1st g 5s 1949Union Elec L & P lat g 58_1932Ref & ext 5s 1933

Utica El L & P 1st g 5s 1950Utica Gas & E ref Is 1957Westchester Leg g 5s 1950

A-0S

bl-SJ-JJ-D11-N

NF- A11-NJ-DJ-DJ-J111-Sbi- SM-N- I

j•:1

_ 117i0034 10184

102 idifs100 101___ 90

- - -- _ 104_ 9712

9934 Sale10018

idd"03 rod93 9714102 ____

10.124 Sale

11612 Mob '1310034 Mch'13103 Feb '0910213 1025810314 Oct '1293 Mch'1210114 Aug •12100 Nov '129712 Feb '139934 9934101 Deo '118512 J'ne '12109 Feb '01102 Jan '1397 Dec '12

1.661-4 Dcc '1110414 10414

2

2

• No Drico Friday; latest bid and asked. a D110 Jan. 5 DUO Feb. • Due May. a Dae June. la Due Jul'. o Due Oct, p Due Nov. a OPtion sali.;


APR. 5 1913.] New York Bond Record-Concluded-Page 4 1005"IX



web Price

FridayApril 4


St L & San Fran (Con) Bid AskK Ft /3 & M con g 6s___1928 M-N- 112K Ft S & M Ry ref g 4s_1936 A-0 f412 sawRegistered 1936 A-0 KC& MR&B 1st gu 53_1929 A-0Ozark & Ch C 1st gu 5s g_1912 A-0 9914 9912

St L S W 1st g 4s bd ctfs 1989 11-N 8612 882d g 4s Inc bond ctfs____p1989 J-J 80 83Consol gold 4s 1932 J-D 7914 SaleGray's Pt Ter 1st gu g 5s_1947 2-D- --

S A& A Pass 1st gu g 4s 1943 J-J 8278 SaleN P 1st sink f g 5s 1919 J-J

Seaboard Air Line g 4s1950 A-0 ---- 881sGold 4s stamped 1050 A-0 83% 8434B stered 1950 A-0Adjustment 5s 01949 F-A 7334 SalelRefunding 4s 1959 A-() - 7712Atl-Birm 3 0-yr 1st g 4s__e1933 1I-S 841a - -Car Cent 1st con g 4s 1949 J-J -- 9134Fla Cent & Pen 1st g 5s 1918 J-J1st land gr ext g 5s 1930 J-J idi_Consol gold 5s 1943 J-JGa & Ala By 1st con 5s_ _o194 5 J-J 10112 SaleGa Car& No 1st gu g 5s 1929 J-J 10314Seab & Boa 1st 5s 1026 J-J loafs

'Southern Pacific Co-Gold 4s (Cent Pac coll)_k1949 J-DRegistered k1949

20-year cony 4s 619 29 M-5Cent Pac 1st ref gu g 4s__1949 F-ARegistered 1949 F-AMort guar gold 3 3is....k1029 J-DThrough St L 1st gu 4s_19 54 A-0G II &S AM& P 1st 55_1031 M-NGila V G & N 1st gu g 53_1924 M-NHous E & W T 1st g 5s.1933 51-N1st guar 5s red 1933 M-N& T C lst g 5s int gu_1937 J-JGen gold 4s int guar_

- _1921 A-0

Waco& N W div 1st gels 1930 81-NA & N W lst gu 1941 J-J g Morgan's La & T 1st 7s_ _1918

19201938 0

1st gold 6s • of Cal guar g 5s Ore & Cal 1st guar g 5s 1927 J-JSo Pac of Cal-Gu g 5s_ _1937 1I-NSo Pac Coast 1st gu 4s g_1837San Fran Terml 1st 4s 1950Tex & N 0 con gold 5s 1943 J -JSo Pac RR 1st ref 4s J-J

Southern-1st consol g 55 1904Registered 1094

Develop & gen 4s Her A 1956Mob & Ohio colt tr g 4s.._1938Mem Div 1st g 43-5s 1996'St Louis div 1st g 4s 1951Ala Con B 1st g is 1918Atl & Danv 1st g 4s 19482d 4s 1948

j-jJ-JA-011-5J-J

J-1J-

Ati & Yad 1st g guar 4s1949Col & Greenv 1st is 191 J -E T Va & Ga Div g 5s1930 J-JCon 1st gold 5s 195 11-NE Ten reor lien g is 1938 st-Ga Midland 1st Is 1946 A-QGa Pac By 1st g Os 1922 j

- J

Knox & Ohio 1st g 6s_ 1925 J-JMob & Bir prior lien g 5s_1945 J-Mortgage gold 4s 1945 J-.

Rich & Dan con g 6s_1915Deb 5s stamped 1927 2

Rich & Mock 1st g 4s 1948So Car & Ga 1st g 5s 1919Virginia Mid ser (7 65-1916 #1-SSeries D 4-5s Series E 5s

1921 M-S1926 111-8

Series 10 5s 1931 51-SGeneral 5s 193681-NVa & 1st gu 5s 20031st cons 50-year 5s 1958 1:8

• Ny & W 1st cy gu 4s 1924 F-AWest N C 1st con g 6s 1914

Spokane Internat 1st g 5s 1955rrer A of St L 1st g 4)s_1039 A-()-L 1st con gold 5s__1894-1944 F-AGen refund s f g 48 1953 J-JSt L M Bge Ter gu g 5s

YOISTex & Pac 1st gold 5s 2d gold Inc 5s q2000 ItchLa Div B L 1st g 5s 1931 J-JWMInW&NW lstgu 5s..11130 F-A

Tol & 0 (3 1st g 5s 19353-iWestern Div 1st g 5s---11,935General gold 5s

36

Kan & M 1st gu g 4s 1990 A-02(1 20-year 5s 1927 J-J

Tol P 5c W 1st gold 4s 1917 J-JTol kit LSc W pr lien g 330_1925 J -J150-year gold 4s 1950 A-0Coll tr 4s g Fier A 1917 F-A

Tor Hain tic Buff 1st g 4s__//1946 J-DT' Ilster & Del 1st con g 5s_1928 J-D4.) 1st refund g 48 1952 A-0'Union Pacific-1st lilt & land grant g 45_1947 J-J

Registered 1047 J-J20-year cony 4s 1927 J - J1st & ref 4s 62008 SOre By & Nov 300 g 4s....1946 J-I)Ore Short Line 1st g 6s__1922 F-A1st consol •• 5s 1946 J-JGuar refund 4s1929 1:7Utah & Nor gold 5s 19261st extended 4s 1933 J-J

Vandalla cons g 4s Set A.1955 F-AConsol 4s Series 11 1957 M-N

Vera Cruz 3e P lst gu 4 30_1934 J-JVirginian 1st is Series A 1962 M-N

90% Sale

90 Sale931/4 941/4891k 1*090

105la 11092 94

_ioa Rift!

11p210712

id103 ...„

- 883419918 1019134 Sale

1004 105- - --

77% Sale8318 851

1078812 851210583•8383 .-10312

10812 1091001463 6412__- 110__ 1131.

101'& 10214_ 1041.

;i1.12 _ . _9812 10214

_-

--------

91 955-492 _ _10012_

lad102

ioi883,

10312 107103 10414

-------

10:0%3RangeSinceJan. 1

Low High No. Low High11112 Mch'1374 75 -

11112 113147 '8

7712 J'ly '12 ------------10312 J'ly '12 . _ _ _9062 Mch'13 ____ -99-15 i-601-88012 88 7 8612 9070 Mch'13 ____ 78 807914 7914 43 79 81

198211128 Apr '01.............

-1 - i1 -8E3.IN Oct '09 .. -------------8512 Feb '13 _ 131;835 85 --2 83's86

"iiia "733; --ii "i6- "iiCs7712 filch 13 -_ 7714 798414 Mch'13 ____ 8414 889178 Mch'13 ____ 9134 91710314 Jan '13 ____ 10314 10314104 Nov'12 ........ _-- .-107 J'ne'12104% 104% 6 19412 10910312 Mch'13 _-_ 103% 10318105 May'12

90 9012 8 89 9895'2 Feb

'13- _ 95 9512

89% 0014 262 8878 93349334 9334 ....1. 9212 96129112 J'iy '12

104 Sich'13 __ 104 101349112 Feb '13 ......____

-991-4 ii -0112 9112

9014 Feb '13 ____

1101291148 J'ly :1(2) ....

10414 May'1210914 Sep '12

103 Deo '12

93 Mch'13

.... _-- - -___. ...- _ _

___ _-_ - .-

93 93

108 Jan '13 fail - i66/8107 Jan '1311134 Aug '12 __::

id i " iiii i112 Feb 'VT ___

192 - ioi102 Mcli'13 ___ _116 May 07 _-__ -___.

-

_ _9112 Sep '12 -88% Feb '13 _-__ 8.5s -9'6 -10153 May'll9114 92 137 -9012 -941;

10452 105 13 10414 10718105 Sep '11 ___ 10434 104347705 771 54 77 781281 Mch 13 ...„ 81 8612107 /4/Ich'13 ___ 107 10784 Mch'13 ..- 84 881210514 Sep '22 - -.8714 Jan '13 __ 8612 87148214 Feb '14 ._ ---- _

it;i3-4 De-C-'-li -_-_-_: --- - --106 Feb 13 ___;._ i9(i- Rid -19812 10834 v 108 1005810518 J'ly '126118 Mch'13 .- -63" -641;110 Mch'13 ____ 1097 11011112 Mch13... 1111 1210512 Nov'12 __ ---------

- -716 79 Mch'13 10214 Mch'13 102 10212

10312 1031210312 Jan '1373 Sep 12 __101 Feb '14 ___ 101 Rif. -112 Oct 'OE, ___ ___ _110403 ::: JNaonv :1132 ... : __ .._

104 Mch'13 __ 104 10610814 Jan '13 i106i381-44 116085;4

_ 4

107 Mch'13 ____ 107 108594 94 94 95729312 Sep '12 --------101 Feb '13 ____ i Rif i10212 Apr '11 - - - ..._104 Feb '13 ___ 1031-2 104Ill Aug'1294% Oct '12 ____ ---- --10618 Sep '12 --._ - -

---- __

104 141 1 1031-2 107i451 Nov'12

1099.1: Nov'

0411

1..05

1-2 106561e 10734 rtle '12 ---- ---- ___106% 105% 1 Vlb1-2 1991-4

---- 100 103 Nov'12_ _ 9134 91l Feb '13 .....9112 91120712 Sale 97% 9712 i 9712 9900 92 90 Mch'13__. 90 9112- - 83 84 Dee '12

55 as 55 8 15 612

_ _ 8659 8 60 88 Dec.9i 12 ---- --- -iti. ii _

10214 103 103 Mch'13 __ 103 1011284 8612J.118 '12

97% Sale 0518 978 130 951; 989934_ 0812 Feb '13

08

-9414 F3-alj 9278 9436 187 91 079314 Sale 925 9314 11 91 9134 935L292 ._. 92 92 12

9

11011111 110 1101s 3 109 1121810514 . 105 105 4 1808524 19039.890 .iiiie 89 00 21102 . _ 108 May'll ..--.. ---_-_,. ETo. .....,_ .._...... 9378 -6,1- Fe173-ii ____ 94 94911-2 ._ _ 93 Mcli.13__._

-

1)

- - -

3 93_ 94 Oct '12 _._

-. -- --: -9i12 9838 9812 98)4 983. 4


Week Ending April 4,

PriceFridayApril 4

,Vest'sRange orLast Sale

Wabash lot gold 5s 1939• 2d gold 5s 1939Debenture Series B 19391st lien equip s fd g 5s 19211st lien 50-yr g term 4s 19541st ref and ext g 4s 1956Cent Trust Co ctfs Do Stamped

Equit Trust Co ctfs Do Stamped

Dot & Ch Ext 1st g 5s_1941Des Moin Div 1st g 4s___1939Om Div 1st g 3 30 1941Tel & Ch Div 1st g 4s 1941Wab Pitts Term 1st g 4s-1951Cent and Old Col Tr Co cert.,-Columbia Tr Co ctfs 2d gold 4s 1954

Trust Co certfs Wash Termi 1st gu 3 30_19451st 40-year guar 4s 1945West Maryland 1st g 4s 1952West N Y & Pa 1st g 5s......1937Gen gold 4s 1943Income 5s d1943

Wheeling_& L E 1st g 5s_1926Wheel Div 1st gold 5s_1928Exten & Impt gold 55____193 0RR 1st consol 4s 194920-year equip s f 5s 1922

Winston-Salem S B 1st 48_1950Wis Cent 50-yr 1st gen 4s 1949Sup&Dul div & term 1st 4s '36

11-NF-AJ-JM- SJ-JJ-J

J-JJ-JA-0At-SJ-D

J-D

F-AF-AA-0

NovA-0J-JF-A1CSJ-JJ-JJ-J

/kid Ask10312 Sale95 0612

-6.1 100it) _ _6012 Sale

Manufacturing & IndustrialAllis-Chalmers 1st 5s Trust Co ctfs deposit

Am Ag Chem lot c 5s

1936 J-J

192 A-0Am Cot Oil ext 4 1

8 30 19 5 A--KDebenture 5s

Am Hide & lst s f g 6s_11993191 11-SAmer Ice Secur deb g 6-_,1925 A-0Am Smelt Securities s f 6s_1926 F-AAm Spirits Mfg g 6s 1915 41-SAm Thread 1st col tr 4s-1919Am Tobacco 4 0-yr g 6s 1944 -Registered Gold 4s 1951 F-ARegistered

11994541 A p.--()A

Ana Writg Paper 1st s f 5s_1919 J-JBaldw Loco Works 1st 5s 1940 ifBeth Steel 1st ext s f 5s 19261st & ref 5s guar A

Cent Leather 20-year g 5s21994252 :NJConsol Tobacco g 4s

9Corn Prod Ref s f g 5s 1193511 F-A1-NAlot 25-year s I Is

19Cuban-Amer Sugar colt tr 6s 193184 MA--ONDistil Sec Cor cony 1st g 5s-1927 ft-gE I du Pont Powder 4 %s_ _1936 -General Baking 1st 25-yr 6s_1936 J-DGen Electric ueb g30_119942

It-A

Debenture 5s (rects) 62 s

Gen'l Motors 1st lien Os 1015 A-0III Steel deb 43-is 19Indiana Steel 1st 5s

10460 -O2 #1

-NN

Int Paper Co 1st con g 6s_1018 F-AConsol e,onv s f g 5s 1935 J-J

Int St Pump 1st of 5s 192239 11-iLackaw Steel 1st g 5s

19

lot con 6s Series A 19505-year convertible 5s 1915 -S

Ligg&Myers Tob.Co 7s tpy bds_ -5s temporary bonds

Mexican Petrol Ltd cnv 6s A_'21 A-0Nat Enam & Stpg 1st 5s__1929 J-DNat Starch 20-yr dob 5s___1930 -JNational Tube 1st 5s 1952 M-NN Y Air Brake 1st cony 6s_1928P Lorillard Co 7s temp.ry bds_ _5s temporary bonds Ry Steel Spgs lst s f 5s____1921 J -JRepub I 1c S lst & col tr 5s_1934 A-01 0-3 0-year 5s s f 1940 A-0

Standard Milling 1st 5s 1930 112-NThe Texas Co cony deb 6s_1931 J-JUnion Bag & Paper let 5s_1930 J-JStamped U S Leath Co s f deb g 6s_219931391-21US Realty & I cony deb g 5s_.24U 13 Red & Refg 1st g 6s-1931 j:1U Rubber 10-yr coll tr 6s_1918Registered 1918 J-13U S Steel Corp-I coup _41963 11-NS f 1 0-60-yr Isilreg ___d1963

Va-Car Chem lot 1 5-yr 59_1923 3-West Electric 1st 5s Dec 1922 J-JWestinghouse E&M sf 5s_1951 J-J10-year ooli tr notes 5s 1917 A-0Telegraph & Telephone

Am Tele') Sc Tel cell tr 4s 1929Convertible 4s 193620-yr conv 4 30 (when las) 1933

(Mileage Telephone 1st 5s.._1923Commercial Cable 1st g 1s_2397Registered 2397

Cumb'd T & T ist & gen 5s_1937 :1Keystone Telephone 1st 55_1935

Metropol Tel&Tel lot s f 5s_1918 M-NMich State Telco 1st 5s_ _ _ _1924 F-AN Y& NJ Telephone 5s g-192 M-NNY Teiep 1st& gen s f 4 3Ss 11993397 Mj..-NJl'ac Tel & Tel 1st 53 South Bell Tel& T 1st s f 5s 1941 J -JWest Union col tr cur 5s,, 1938 J-JFd and real est g 4 ;is 1950 M-NMut Un Tel gu ext 5s_1941 ;11-NNorthwest Tel gu 4 30 g_1934 J-J

-

;83.12 555712 bale103 10712

80 Sale

2312 §itie1 21% 2

833290 _ _82 Sale103 108-__ 80

iOa -98 - --„- 64-bo 80%___ 9914

_ 90%901-2 90348834 8914

bow High No,10312 104 199514 96 1890 J'ne'12991 Dec '12 _-80 Mch'135634 61 3652 Mch'13Si Mch'1364 Nov'12 --552 57% 15107 Feb '1 ----80 Aug'1' --69 Dec '1280 80 124 Mch'13-.-.23% 24 3324 Mch'131 Mch'132 Mch'13 .,--873 Oct '11 --100 Sep '12 --80% 82 1610634 Feb '13 ---86 Oct '12 --__34 Feb '07 ----10112Feb '13 --100 Feb '13 ----99 Feb '13 ----80 Mch'13 --9812 Feb '11 _-8958 Feb '13 ----90 9012 88934 Mch '13 ----

54 62 57 Dee '1264 681 5312 53129958 997k 938 9996 9692588

01111 993734 9334 Mch 13100 10114 100 1001478 Sale 78 7634103%105 1031 10314

100 99'2 Jan '139112 Mch'13

120 ifir2 12014 12014120 Nov'12

-961-4 98 9034 96349632

Sale 88 Pne•12

8834 8834

9614 sale 9514 9614103 Sep '12

4.1 9a-a8-li Sale

9 95

- 82% 83%

94758 Mch'139618 9614 Feb '13

--o

_ 93 9014 9014

99 9 1344 Feb '13

6512 Sale 92

6le 68012 87 86 8795 0612 95 9512

_ 82 7812 Mch'13joi12 Sale 1033 1047s9s34 Sale 9812 987g6878 Sale 87 887810012 Sale 100 1001210212 1031 1031 1031886 87 87 Mch'13977955;4: Sale 7812 19772150713424 1927951:14a295 9638 0634 OA

7612

121. . Sale l20-3

98 9918 995712110'130834

-608614 Sale 91974 975888's Feb'13

91

1902810112

8

101 ll02031 4 110211

2 Saialee 977 9834

95 97 1092518890% 9054

julkiechh :133

-661-2 Sale9887% 89882478 988854 Mch9;13

86 90 Feb .13_ 87 9114 Jan '13

jot; 10038 10 10

87 Sale2551118 Jan 13

10225 3212 Sale 1103214 Jan

.110210 0

Yaii 10058 lova10078 Sale 10012 10079534 Sale 9434 9534

10021. Sale: Sale ,58 9e 100112 10219 12

_ ._ 97 9672 Feb '13

mgri 8878 8754 883410312 1041 103 1031210418 Sale 1_(.1.3__

74 80 8212 Dec '128312Nov'll

-081-2 Sale 98 98128912 90 85 Aug'1'101 10112 10034 10034Ms 10014 9012 Mch'13

*190 ---- 10314 May'll97 Sale 0634 979904 Sale 9912 99349912 Sale 9916 1009918 Sale 994 999214 Sale 9114 921

104 rns '1193 Jan '13

RangeSinceJan. 1

Low High103 1061295 9912

80 805414 64%51 621251 51

-5313 'ifs;107 107

-116 80-24 261223 271s24 281 2134 214

79 -817;106%10714

10112 1-6f1-2100 10099 1011280 80%

-995-s90 91528914 9012

"61- 'di'31 99 101781 9614 9714

____ 93 953 100 103127 74 78%12 102 105

99% 991291% 933411912 120%

- 1 9614 9712

4 74ids;

24 -91 - -96477 8234 863461 9334 97

9614 97%9534 9014

6 90 93129434 90

19 84 7015 86 9014 95 95%63 7712 8263 10276 1051g22 9812 10010 86 89%65 9978 101141 102 105

87 91%4 78 88343 95 96%21 75 80%29 03 95%42 119% 1225311 9612 9934

9712 10021 91 96%

8812 88'282 9714 99121 9904 103120 122%9714 99%9714 9812102%1027s90% 921s88 891297 1007s90 928912 9114

1 100 100%1 88 89

26 25100 103%

1991-4 1E'

4749

32

7

29

21520151920

219

721

38

6

39

100%1039412 gg100%102349034 9496% 943%

88 901024 1107s10212 ion

98 1004

id65;99 101%

-991; 9828 99 10122 99 1013 9913 102129 914 9612

93 93

MISCELLANEOUS BONDS-Concluded.

Coal & IronBuff & Susq Iron s f 58-1032Debenture 5s a1926

Col le & I Co gen s f g 58_1943Col Fuel gen 6s 1919

Col Indus 1st & coil 55 gu 1934Cons Ind Coal Me 1st 5s 1935Cons Coal of Md Ist&ref 5s 1950'or lily Coal & 0 lot g 63_//1919Uttn & II 0 & C 1st s f g 6s_1951r ocah Con Collier 1st s f 5s_1957St L Rock Mt & P 1st 5s.-1955Tenn Coal gen 5s 1951Dim Div 1st consol 6s___1 917Tenn Div 1st g is a1917Cab M Co 1st gu g 62-.1922

'Utah Fuel 1st g 5s 1931'Victor Fuel 1st s I 5s 1053va Iron Coal&Coke lot g 5s 1949

F-A,11-NF-AJ-1)J-DA-0J-JJ-J

J-JJ-JA-0J-I)Al- SJ-J.11-S

Miscellaneous95 98 97 J'ly '22 .... -_ Adams Ex cell tr g 4s 1948 51-586 __ 91 Nov'11 Armour & Co 1st real est43,Ss '39 j-D9812 Sale 9811 99 7 98 9918 Bush Terminal 1st 4s 1952

10714 J'ne '12 Consol 5s 11996505 AA4-179% 807 878812 r 0.38011 8 7818 85 1.3Idgs 5s guar tax cx

---- -iii- 93 Oct '12102% Apr '06

___---- Chino Copper 1st cony 6s 1921 J-JInspir Cons Cop 1st 6s (recta)

:7- 10098 Jan '13 - -- - - - - -

Int alercan Marine 4 Ms 1922 k-b52

-6: 87 E17 "i -8 Int Navigation 1st s f 5s 1192392 J -F-Aii5; 97B8 87

2 8tiv .1Mg° Bond (N 1() 4s set 2_19 66 A-0

77 79 76 Mch'13100 10212 100% Mch'13 ---

76 80 1 0-2 0 yr 5s series 3

9

100Ig 103 Morris & Co 1st s f 4 30_1939 j_ j101 10?12 101 101 I 101 103 N Y Dock 50-yr 1st g 4s 1951 F-A. 10334 102 Feb '13.... HA 110 Jan '09

102 102 Niag Fails Pow 1st 5s 1932 J-J.... ____ Ontario Transmission 5s 1945 ht-N

Pub Serv Corp N J gen 5s_1959 A-0-iii4 Pe6-'15 'ids; "fis:-

itayConsCopper 1st cony 6s1921 J -J91 9712 94% Mch'18 94% 98 Wash Water Pow 1st 5s__ _1939 J - J

___ 7958 7912 80 8 79% 821$9078 Sale 9018 9078 __1! 9890 9892%____ 89 89 Feb '1394 9512 96 Jan '13 ____ 1)6 96

96 97 Nov'12185 17.5 150 Mch'13 fig- NO'103 10112 10112 103 61 9912 108126154 Sale 6334 6454 23 63 Me7834 7914 7812 Feb 13 7812 7954

9912 _ 641-2 DeC-.-1728912 -99.1;_ 8912 8912 Feb '13 ___

82 83 83 Mch'13_._- 83 8410012 102 10218 Mch'13 ___ 102 10214

490 9158 92 Dec '12 _4_8

if3-.

-92 Sale 929311314 Sale 11172 11314 l'7 109 121

102 Dec '12 _

•No price Friday; latest bid and asked aDue Jan aD110 April 8DUe May anue Jana hDue July kD ac Aug oDue Oct pDue Nov qDue Dec :Option sale


1006 CHICAGO STOCK EXCHANGE-Stock Record.

STOCKS-HIGHEST AND LOWEST SALE PRICES Satesof MeWeekShutt

ST OC KSCHICAGO STOOKEXCHANGE

.

Range for Year 1913..-SaturdayMarch 29

,fondayif arch 31.

1 TuesdayApril 1.

WednesdayApril 2.

ThursdayApril 3.

FridayApril 4 Lowest. Highest.

*27 35*88 90*88 90s2112 22*0 7*312 4*12 16*3413 40*8 812

*4413 4512•324 3312

12134 12214475 475*133 136•349 52*100 10113334 13334*59 65'83 85*53 57*4913 5012

sioa- iii-139 13911 11

roaiz f63T2- - _iii -a

*6713 6818

-4.51- Iii-*114 118*118 119*120 125*115 116*504 87,2*9112 ..111 III*78 79*9712 9843 45*83 85185 18563*121 123*29 30*89 9110573 106143260 270*107 10712*174 177*Ds 1346113 6210612 107*3 11

*27 35.88 90*88 902133 22*8 7*312 4*12 16*3412 40*8 812*4413 4512

3314 3312122 12212____

*133 118*49 52*100 10113214 13214*59 65*84 85*53 674913 50

*ill' gei-13712 139341034 1034

14 iiiii*33 331294 958812 6812

;'-7.8- "iii"*116 117*118 119*120 125*115 118*5634 5712*9113112 1-1-2*78 7998 98.42 45*83 85183 18712*121 123*29 30*89 911054 10614*260 27010712 10712170 170*Ds 134614 6113

*107 1074*8 11

ELECTION DAY—EXCHANGE CLOSED

827 35.88 90*85 88214 22634 634*312 4*12 16*3412 40*8 812

*4412 4512

3334 3413e97 98 ----

133 13351 51

*100 101*132 1321

------- -------10060 6080 85*53 57*4934 51

*203 2061394 1393412 12

165 10313*3412 351

--------- ---- --15795 956812 69-_-__*78 78

*1161s 11813*118 119120 120

•115 1165714 5714*914 _

- --

*110 112*78 7998 9812*38 40*83 8518634 190*121 123*29 30*89 9110614 10858*260 270*107 1071217513 17512*113 1346214 6234107 10714*8 11

Last SaleLast SaleLast Sale

1 22------------------25.. -

Last SaleLast VieLast SaleLast SaleLast SaleLast Sale

3513- 37139814 99--------- -------------1-

100 1-0, 132

8413 14712Last Sale

*4934 51Last Sale

203 20313912 139121114 1114Last Sale

10314 1o312

69 -6913Last SaleLast Sale

117 11734Last Sale

...Last Balelir573-M3?-15

8714 5714*9113 --11312 1-174

Last Sale9812 9812*38 40

Last Sale18713 190*121 123

Last SaleLast Sale

---------------- 588Last Bale28912Mar'13

*107 10712_

Last Bale1136213 631310612 107

Last SaleLast Sale

30 Jan'13 91 Jan'13 90 Mar'13

23 - - -

3.2 Mar'13 18 Nov'12 41 Nov'12 8 Mar'13 45 Mar'13

3734 383399 9914--- - - --

---- -1 1-32-1-

--- -84 -84

55 Jan'13 *4934 51142 May'12

---- - -------- 3501114 11-14

77 Feb'13 1034 1034 35 ..

70 -7687010614Mar'13 7633 Aug'12 121 12134118 Mar'13

*91121134 11479 Mar'13 98 98*38 40

8913 Mar'13 191 1024122 122294 Mar'13 92 Dec' --

10734 107341784 180

Feb' 13 6313 6414____10 Mar'13 9134 Mar'13

06

1,3607003

251550

116

125

20

300

27050

300

40

00

110

179500

5,30050

30681

1,838239

RailroadsChicago Eley Rys com100Do pref 100

Chic Rys part ctf "1"---Chits Rys part ctf "2"___ChIc Rys part ctf "3"- -_Chic Rys part ctf "4"___Kansas City By & Lt_100 Do pref 100

Streets W Stable 0 L_100Do prof 100

MiscellaneousAmerican Can 100Do prof 100

American Radiator...100Do prof 100

Amer Shipbuilding_ _100Do prof 100

Amer Telep & Teleg 100Booth Fisheries com_100Do 1st pref 100

Cal & Chic Canal & D 100Chic Pneumatic Tool_100Chicago Telephone_ 100 Chicago Title & Trust 100Commonw'th-Edlson.100Corn Prod Ref Co com100Do prof 100

Diamond Match 100Goodrich (B.F.) com_100Hart Shaft 8r, Marx pf100ilinois Brick _100Internat Harvester 00100Knickerbocker Ice pf_100 National Biscuit 100Do pref 100

National Carbon...._100Do prof 100

Pacific Gas & El Co I00 Do preferred_ _100

People's Gas L&Ceke.100Pub Serv of No III com 100Do pref 100

Rumely common 100Do pref 100

Sears-Roebuck com100Do pref 100

Studebaker Corp com.100 Do pref 100

Swift & Co 100The Quaker Oats 00-100Do lira 100

Union Carbide Co.....100Unit Box Bd & P 00-100U S Steel corn 100Ward. Montg'y& Co profWestern Stone 100Woolworth, corn 100

30 Jan 390 Jan 688 Jan 142112 Mch178 Mch 11312Jan 7

8 Mch 145 Mch18

26 Jan 14v97 Apr 2470 Jan 3133 Apr 250 Jan 22100 Feb 813014 Mch2059 Mch 2683 Mch 1355 Jan 294812 Mch19

203 Any 313913 Mch311018 Mch 1977 Feb 1110234 Mch 2528 Mch 1894 Mch226812 Mch 24

10614 Feb 24

112 Feb 24118 Mch191154 Mch 14114 Mehl()5712 Apr 2

109 MCh1979 Mch 698 Feb 1342 Mch288912 Mch18177 Mch24122 Apr 427 Feb 21

105 Feb i§235 Jan 22106 Mob 5185 /doh 191 Jan 17

5812 Mch 1010512 Feb 1910 Mch178714 Mch 24

30 Jan 391 Jan 209814 Jan 302613 Jan 13812 Jan 2414 Jan 16

912 Jan 345 Mch18

4612 Jan 3112914 Jan 30500 Feb 1113433 Jan 655 Jan 1310312 Jan 213934 Jan 871 Jan 3894 Jan 855 Jan 2952 Jan 10

212 Jan 7145 Jan 51812 Jan 3177 Feb 11

11014 Feb 353 Feb 139813 Jan 147612 Jan 31115 Jan 29

12812 Jan 3123 Jan 1412212 Feb 17118 Jan 2583 Jan 27

118 Jan 98212 Jan 2510133 Jan 1369 Feb 21973s Feb 6

21434 Jan 212434 Feb 1784 Feb 13

10773 Moll 6280 Feb 1510812 Feb 152064 Jan 10

113 Feb 106834 Jan 210834 Mch 51413 Jan 2112 Jan 3

Chicago Banks and Trust Companies

NAME,Ouistand-

ingStock.t

Surplusand

Profits.t

uunaena necora

in1911.

in1912.

Per-lad.

Last Paid,%

American State $200,000 $186,816 __ _ 234 ....... Apr '13, 13Calumet National 100,000 039,084 6 None An Jan '13, 6Central Mfg District Bk. 250,000 14,427 Beg, b us. Oct 7'12 V. 95,p, 944Continental ar Comm Nat 21,500,000 9,656,716 10 10 Q-J Apr '13, 3Corn Exchange National_ 3,000,000 8,255,731 18 16 Q-J Apr 13, 4Drexel State 200,000 100,365 8 8 Q-J Apr '13, 114Drovers' Dep National 750,000 355,277 10 10 Q-J Apr '13, 234Englewood State 200,000 58,668 63.4 8 Q-J Apr '13. 2First National 10,000,000 11.897317 12 17 Q-M Mch31'13,434First Nat Englewood 150,000 y209,125 12 1234 Q-M Dec31'12, 5Foreman Bros Bank'g Co. 1,000,000 531,301 Priv ate Da nk Fort Dearborn National. 2,000,000 730.178 8 8 Q-J Apr '13, 2Halsted St State Bank__ 200.000 23,647 Org. N ov 25 1912 Hibernian Banking Man_ 1,500,000 1,811,957 Not pu blished -see note 05Hyde Park State 200,000 33,884 Beg. b us Aug 12. V. 95, p. 273.Kaspar State Bank 400,000 174,155 10 10 J-J Jan '13, 5Lake View State 200,000 5,304 Beg b us.Apr 8'11 V.92, p. 1004Lawndale State 200,000 58,637 Q-J Apr '13, 2Live Stock Exchange Nat 1,250,000 579,387 10 10&2e Q-M Apr '13, 3Mach & Traders State 200,000 52,623 Beg. b us.Aug 28,1 2 V 95, p 593Nat Bank of Repubilo..._ 2,000,000 1,441.175 8 8 Q-J Apr' 13, 2National City 2,000,000 686,127 0 6 Q-J Apr '13, 134National Produce 250,000 108,866 6 6 Q-J Apr '13, 134North Avenue State 200,000 80,634 7 7 Q-J Apr '13, 134Forth Side State Savings 200,000 8,342 6 6 Q-J Apr '13, 13.4North West State 200,000 45,327 5 6 Q-J Apr '13, 134Ogden Ave State Bank 200,000 7,292 Org. N ov. 27 '12. V. 95, p. 1944People's Stk Yards State_ 500,000 105,558 934 10 Q-J Apr'13, 2 34Second Security 200,000 10,962 Beg. b us Nov i'11 V. 93, p. 1235Security 400,000 179,041 6 • 6 Q-J Apr 13, 2South Chicago &vino 200,000 117,500 8 8 Q-J Apr '13, 2South Side State 200,000 18,794 6 8 Q-J Apr '13, 134State Bank of Chicago.... 1,500,000 2,477,759 12 12 Q-J Apr '13, 3State Bank of Italy 200,000 56,357 Beg. b us.Aug 19'1 2 V.95, p.523Stock Yards Savings 250,000 237,903 8 10 (2-M Mch 31 13.3Swedish-Amer. State Bk. 200,000 20,886 Org. J an, 27 '13. V. 95, D. 1585Union Bank of Chicago 500,000 168,594 6 6 M-N Noy'12, 3Washington Park Nat 100,000 17,991 6 634 Q-J Apr '13, 234Central Tr Co of Illinois_ 4,500,000 1,960,253 8 8 Q-J Apr '13, 2Chicago City Bk & Tr Co 500,000 349,094 10 10,t2e J-J Jan '13, 7Chicago Say Bank & Tr.._ 1,000,000 290,996 6 6 Q-J Apr '13, 134Chicago Title & Trust... 5,600,000 82,263,235 8 8 Q-J Apr '13, 2Colonial Trust & Savings. 600,000 488,230 8eas 8&2e (4-J Apr '13, 234Cont &Comm Tr & Say_ 3,000.000 1,883,289Drovers Trust & Sayinge. 250.000 143,724 834 10 Q-J Apr '13, 214First Trust & Savings.... 5,000.000 2,644,849 16 None Q-M Dec30'11, 4Ft Dearborn Tr & SayBir 250,000 17,812 Beg, b us.Apr 3'l1 V.92. p. 929Franklin Tr & Say Bk.... 300.000 104,416 Beg. b ua .Apr8 '12 V. 94, p. 1030Greenebaum Sena Bk&Tr 1,500,000 254,576 23.4 10 Q-J Apr '13. 234Guarantee Trust & Say_ 200,000 43,316 ____ 6 J-J Jan '13, 3Harris Trust & Sayings 1,500,000 2,205,224 12 12 Q-J Apr '13, 8Home Bank & Trust 300,000 71,809 Beg. b us.Apr 10,1 1.V.92,1).1004Illinois Trust & Savings_ 5,000.000 10,188,503 16&48 16&4s f Jan '13, 4Kenwood Trust ar Savings 200,000 84,853 7 7&2s Q-J Apr '13, 134Lake View Trust dr Say_ 200,000 79,330 8 6 Q-J Apr '13, 13.4La Salle St Tr & Say Bk.. 1,000.000 256,508 Beg. b us. Ma y'10 Liberty Tr. & Say. Bank_ 250,000 25,121 Org. D eo. 6 '12. Market Tr. & Say. Bank_ 200,000 26,746 Org. S ept. 5 '12. V. 95, p. 593Mercantile Trust & Say__ 250,000 40,576 Beg. b us.J'ly 1'12 V. 94. p. 484Merchants' Loan & Tr Co 3,000,000 6,988,840 15 16 Q-J Apr '13, 4Michigan Ave Trust Co__ 200,000 68,009 ....__ - Q-J Aar '13, lliMid-City Tr & Say Bank 500,000 117,754 Corn .b us. Ap 10'l 1.V.92,p.1004Northern 'Trust Co 1,500,000 2,857,380 8 8 Q-J Mch31 13,2North-Western Tr & Say- 250,000 139,141 8 8 J-J Jan '13, 4Old Colony 'Tr & Say Ilk_ 200,000 50,781 Beg. b us.J'ne 1 '11 V. 92, p. 1537People's Tr dt Say Bank_ 500,000 209,665 __ 8 Q-J Apr '13, 231Pullman Trust & Savings_ 300,000 280,151 8 8 Q-J Apr '13, 2Sheridan Tr & Say Bank_ 200,000 97,677 ____ 8 Q-J Apr '13, 134

Range for PreviousYear 1912.

Lowest.

25 Nov90 May83 Dec1934 Nov6 J'ne3 Oct

1414 Aug40 Oct6 Mch35 Jan

Highest.

40 Apr9334 Jan10432 Jan38 Jan11 Jan578 Jan25 Sep504 Jan114 Apr52 J'ne

1112 Jan 47 Oct91 Feb 126 Sep325 Feb 405 J 'I y131 Jan 135 Apr45 Aug 61 Oct100 Feb 10633 Oct138 Deo 1984 ?doh39 Mch 70 Dec77 Mch 95 J'ne49 Feb 8538 May44 Mch 5512 Oct13713 Jan 145 Men184 Jan 222 J'ne13514 Jan 150 Mch10 Feb 2112 Oot87 Oct 87 Oct103 J'iy 11184 Feb83 Dec 804 Sep97 Dec 10212 Mch58 Jan 7312 Sep

10513 Deo 1284 Sep67 May Ws Aug114 Deo 16113 Apr12214 Oct 13034 May103 Meh 135 Sep115 Feb 120 Janz 61 J'iy s 67 Apr

1034 Jan2 80 Dec98 Dec9413 Dec

z 0913 Apr140 Jan12112 Jan304 J'iy92 Dec9834 Jan215 Jan10512 Jan

213534 May38 May

5833 Feb

9 Sep

12233 Octs 9412 Aprz10712 Apr

9878 Novz10312 Oct22113 Nov12534 J'ne49 Aug9712 Aug10914 Apr397 Nov110 Jan234 Nov14 Jan

8012 Sep

15 Nov

NAME.Outstand-

inoStock.t

Surplusand

ProfUs.t

• Dunaena Recora

in1911.

/n1912.

Per.iod.

Last Paid.%

Southwest Tr. & Say. Bk. 200,000 22,836 Org. J uiy 5 '12. V. 95, p. 18.Standard Trust & Savings 1,000,000 410,122 _ _ ... Q-M Mch 10'13,113Stockmen's Trust & Say_ 200,000 53,359 6 6 J-J Jan '13, 3Union Trust Co 1,200,000 1,548,645 8&2e 8 Q M Mch 3113,2West Side 'Tr & Say Bank 400,000 113,139 8&2e 84c2e Q-M Apr '13, 3Woodiawn Tr & Say Bank 200,000 96,020 934 10 Q-J Ap r 13, 23.4

-Ara..

Chicago Bond RecordBONDS

CHICAGO STOCKEXCHANGE

Week ending April 4

Inter-est

period

PriceFrlaayApril 4.

IVeersRange orLast Sale

BidsSold

Rangefor

Year 1913

Am Tel & Tel coil 4s____1929Armour & Co 4348 1939Auto Eleo 1st M tie 1928Cal Gas & El mit & ref 68 1937Chicago City Ry 5s 1927Chic City & Con Rys 58_41927Chicago F.ley Ry 5s 1914Chic Pneu Tool 1st 5s_a1921Chicago Rys 53 1927Ohio Rys 5s series 'A"Chia Rys 4s aeries "B"Chia Rys 48 series "C"Chic, Rys coil 6*1913Chic Ry Pr m M g 4s_c1997Chic Ry Adj Inc 48..-c1927

Chicago Telephone 58_1923Cicero Gas Co ref 0 m_1932Commonw-Edison 5s____1943Commonw Eleo 58_51943

Cudahy Pack 1st al 53_1924Dia Match Con deb 63_1920Gen Mot 6% let L notes_1015tot Ear 3-yr 5% g notee_1915Inland Steel 1st M g 8.1_1928Kan City Ry & Light Co88 1913

Lake St El-lst Ss 1928Metr W Side El 1st 43_1938Extension g 42 1938

1111E1 Ry & Lt 1st g 53_1926do ref & eat 4)0_1931

Morris & Co 434s 1939Nat Tube 1st g 5s 1952Nor Shore El 1st g 5s____1922

do let & ref g 58_1940Nor Sh Gas of 111 1st 53_1937North Wait El 1st 43._1911N W 0 L & Coke Co 58_1928Ogden Gas 53 1945Peep Gas L & C 1st 63_1943

Refunding gold 58 1947Chic Gas L & C 1st 58_1937Consum Gas 1st 53.. __1936Mutual Fuel Gas 1st Ss1947-

Pub Serv Co lit ref g 53_1956South Side Eley 434s____1924Swift & Co 1st g 5s 1914Tr -City Ry & Lt coil

trust lien s 1 Eat 1923Union Eke (Loop) 53 1945.....US Gypsum 1st g 53_1922Western Elea Co 53 1922

Note-Accrued interest m

1 "P :4•go"'")•COA•C.g"74C1'"'cQZ :

0'4 : Z"b<", •

<'"Z00•<v)

40m",A

Z :1̂" 00a,'

ii.111111:iltiosio. II III I 11111111111111.,111.11 III, ..

Bid Ask__ _ _

2-90 Sale 2 80 84

10014 Salet 81 84l22 9714 97638_ 95

98E3 Sale9414 Sale

t 8212 83128._ 9412__ ___

t_ _ -7212148 5310012 Salet. 98..._12.1 S..i.t.l.e.

:100 101110512 10534---- ------- --.------

.- ----t___ 007934 Sale

r_ 80-811)i 10412i 94 9412t__ 5734

110240984 1-0012---- ----

i 9973 --8 95 10

_ ___1.01- Sale210214 ....---_-- ----

::::: -lif8. 9112

2 9934 100Is

____ --.---

------.... .

be added t

Low High91 Feb '1390 90138214 April'129013 May'1210014 loot284 Mch '1397 Mch '1394 Mali '139813 983393 • 94148233 Mch'1393 Jan '13100 Jan '1272 Mch '1347 alch '131004 100120615 Dec '12100178 mch10.113

10013 Moh '1310513 Mch'139934 April'1210033 May'121054 April'12

90 Oct '1287 Jan '137914 70348012 Feb '131044 April 1295 April'12874 Mch '1310034 May '1210314 April'12100 Jan '139512 Sept '12 10014 July '119934 Mch '1396 Mch'13____1154 Sept '12101 10110213 Mob '1310114 Sept '1210014 Jan '139714 Feb' 139112 914100 100

9814 apriT1285 Aprir12

1104 N

12 Oicat

Y' '

1122

o all Chicago

No.____5

ii____

_-_1013______

______5

___..!

---____-

_ --.: --

7._ -__.-

- ________

__

__2

. _ ______..---101

....

-- -- ---

bon

Low High91 9190 9182

i6574iiiii84 8997 98494 949813 100493 943482 863493 93

72 7547 5810014 10134____ .

-111-06421311001112

10012108 10812. ---- ----

.--- ----87 8779 82'774 81

..... -----

874 89

. _, .. __ ..100 ...

9934 100495

-

97. _ -_ ----100381021310213 103___ ___10014 1001497 978s9112 934100 1o014

..... .._

..... - -•• ••

d prices.• Bid and asked prices; no sake were made on this day. t Feb. 4 (close of business) for national banks and Feb. 5 (opening of business) for State institutions. 8 Noprice Friday; latest price this week. Sept 11911. ¶j Dividends not published; stock all acquired by the Continental & Commercial National Bank. a Due Dee. 31.b Due Juno. c Due Feb. 4 Duo Jan. 1. e Extra dividend. x Sales reported beginning April 18. q Dividends are paid Q.-J. with extra payments Q.-F. I Doc. 81

1912. v Ex. 24% accumulated dividend. if Nov. 26 1912.


I.

APE. 51913.1 THE CHRONICLE 1097

Volume of Business at Stock ExchangesTRANSACTIONS AT THE NEW YORK STOCK EXCHANGE

DAILY, WEEKLY AND YEARLY

Week endingApril 4 1913.

Stocks.

Shares. Par Value.

Saturday 292,452 $24.631,300Monday 382,200 33,225,000Tuesday 495,842 43,936,700Wednesday 310,221 27,684,600Thursday 417,198 36,517,300Friday 690,006 01,148,100

Total 2,587 919 4227,143,0001

Sales atNew York Stock

Exchange.

Railroad,dee.,

Bonds.

$1,347,0001,743,5002,239,002,550,0001,872,0002,485,000

StateBonds.

U. S.Bonds.

$ 26,000101.00053;50065,00027,500S0,000

$12,236,500 $313,000

54,000

500

$4,500

Week ending April 4. Jan. 1 to April 4.

1913. 1912. 1913. 1912,

Stocks-No. shares...._Par value

Bank shares, par Bonds.

Government bondr State bonds RR. and misc. bondi•..

Total bonds

2,587,9191 2,981,809$227,143,000 $271,122,600

$12,300 $17,400

$4,500313,000

12,236,000

281,500452,600

14,771,500

24,655,604 35,200,463$2,235,794,150 $3,071,953,150

$60,500 $247,2C0

$304,100 2068,5005,314.500 6,692,500

146,758.000 241,357,000

412,553,500 $15,305,500 $152,377,000 $248,718,000

DAILY TRANSACTIONS AT THE BOSTON AND PIIILADELPHIAEXCHANGES

Week endingApril 4 1013.

Saturday Monday Tuesday Wednesday Thursday Friday

Total

Boston. Philadelphia.

Listed Unlisted I Bond Listed jUnlisted BondShares. Shares. Sales. Shares. Shares. Sales.

13,030 6,593 $26,600 411,423 8,625 $65,60014,478 9,029 34,500 13,480 12,541 48,60017,657 9,066 91,800 21,131 16,323 44,60012,306 6,487 37,700 9,123 5,776 45,10011,024 7,428 61,100 9,438 14,013 43,50020,203 14,712 84,700 15,187 17,368 08,200

88.788 53,315 $330,400 79,782 74,640 $315,000

Inactive and Unlisted SecuritiesAll bond prices are now "and interest" except where marked "L"

Street Railways

New York CityBleeck St & Ful Fy stk__100

1st mtge 4s 1950 3-JB'y & 7th Ave stk 1002d mtge 5s 1914 J-J

Broadway Surface RR-1st bs 1924 J-J

Cent Crosstown stock.... 1001st mtge Os 1922____M-N

Con Pk N & E B Itstock_100Christopher & 10th St stk100Dry Dock E B & Batt-

1st gold 55 1932 J DScrip Is 1914 F-A

Eighth Avenue stock_ _100Scrip 6s 1014 F-A

42d & Gr St Fy stock.. .1004,214 St M & St N Ave_ _100

1st Os 1910 M-SNinth Avenue stock 100Second Avenue stock ..100

Consol Is 1948 ctfs F-A/Sixth Avenue stock_.._ .100

Iu Bouiev Is 1945 J-JFor 1st Is 1919 A-0rry WP & M Is '28 M-S

28 & 29th Sts Is '96 Ws A-0Twenty-third St stock. .100Union By let bs 1942 F-A

Westchester 1st Is '43..J-JYonkers St RR Is 1046_A-0

BrooklynAtlan Ave RR con 5s '31A-011 13 Sr W E Is 1933 A-0Brooklyn City RE 10Bklyn Hgts 1st Is 1941_A-0Coney Isl & 13klyn 100

let cons g 4s 1948 J-JCon g 4s 1955 J-JBrk C & N bs 1039 J-J

Nassau Elec 1st 5s 1944 A-0N Wmsburgh & Flatbush-

1st 430 July 1941_1f-ASteinway 1st Os 1922 J-J

Other Cities.Buff At By 1st con Is '31F-ABob 6s 1917 A-0

Com'w'Ith Pow By & L_100Preferred 100

• Conn By & Ltg corn......100e Preferred 100

• Detroit United Sty. .__10t)Federal Light & Tree_ ..100

Preferred 100• Havana Flee By L & P 100

e Preferred 100I Louisv St 5s 1930 J-JS New On Itys & Lt corn_100

e Preferred 100eN Y State Rys corn.. ...._100elm* Ohio Tr & Lt com_100Pub Serv Corp of N J-SeeTr ctfs 6% perpetual- --No Jer St let 4s 1948 M-NCons Tract of N J 100

1st Is 1933 J-13New'k Pass Ry 58 '30_J-JRapid 'Iran St fly... _100

1st Is 1921 A-0J C Hob & Pat 4s '49 M-NSo J Gas El & Trac_100Cu g Is 1953 M-S

No Ilud Co By Os 1914 J-JCon M Is 1928 J-JExt Is 1924 M-N

Pat fly con (34 1931_j-D2d 6s 1914 opt A-0

Republic By & Light_100Preferred 100

Tennessee fly L&P corn..100Preferred 100

froledo Rya & Light._ .100Trent P dr H Is 1943._ _J-13Union fly Gas & El com..100

Preferred 100

Bid

106016009

100

10125

Ask

2076170100

10310

3135 Electric, Gas & Power Cos

New York City100 105 Cent Un Gas 5s 1927__J-J

1 30 38 e Rings Co El L & P Co_100300New Amsterdam Gas-/ 09 161- 1st consol 53 1948 J-J260 283 NY&ER Gas 1st 53 '44 J-J

Consol 53 1945 J-J

155 e N Y Mutual Gas L 100N Y & RElL & Pow CO_100

1 3 Preferred 100/ 25 35 N Y & Richmond Gas_ _ _10115 124 North'n n 1st 53 1927.M-N8012 100 Standard G L 1st 5s '30 M-N9712 - _ Other Cities.75 80 Am Gas & Elcc com 60

I 5 20 Preferred 50240 265 Am Lt & Trac corn 100103 Preferred 10090 100 Amer Power & Lt corn.. 10088 Preferred 100

Bay State Gas 50102 104 Buffalo City Gas stock.._ 10097 101 Cities Service Co com 100157 160 Preferred 100101 103 Columbia Gas & Elec. _10098 101 1st Is 1927 J-J80 85 Con Gus of N J 5s 1936....J-J78 83 Consumers' L II & Pow-9812 10012 53 1938 J-D102 10314 Consumers Power (Minn -

1st dc ref 53 '29 opt '14M-N92 05 Denver 0 ec El Is 1949_M-N110030 103 Elizabeth Gas Lt Co.. 100

Essex & Hudson Gas. _...10012

105 Gas & El I3ergen Co__ _100105 Gr't West Pow Is 1946_ _J-.16712 6814 Hudson County Gas_......10)89 91 Indiana Lighting Co__ _10070 72 4s 1958 opt F-A75 78 Indianapolis Gas 507634 77 1st g bs 195" A-029. 31 Jackson Gas Is g 1037 A-079 81 eLaclede Gas preferred.. 1008514 Madison Gas 69 1926 A-096 - - Narragan (Prov) El Co_ 50105 10514 Newark Gas 6s Apr '44..(142412 _--- Newark Consol Gas 10067 ___ No find L H & P Is 1938A-0

- - - - 0012 Pacific Gas & E com 100

0934 72 Preferred 10081k E x Hsi Pat & Pas Gas & Elec._ _10010'3 10612 St Joseph Gas Is 1937_80 81 Standard Gas & El (Del) 6073 7312 Preferred 50101 102 United Electric of N J_ .10010512 10612 1st g 4s 1949 J-I)230 - - United Gas & Lice Corp _100102

-_ Preferred_ _ 100

78 7812 Western Power corn..... 100124 125 Preferred 100

994 Western States Gas & El-1st & ref g bs 1941 op-J-D

9041001410308112121002575207412258986186

10312

- Ferry Companies

13 & N Y 1st 68 1911 J-J103 N Y &ER Ferry stock _10026 1st bs 1922 M-N77 N Y & Hob Is May '46- -J-D21 Hob Fy 1st Is 1046 51-N78 NY&NJ 5s 1946 6 10th at 23d Ste Ferry.......100

" let mtge Is 1919 j.D

• G12 Union Ferry stock 10088 let Is 1920 M-N

Street Railways-(Con )United Lt & Rys corn__ _100

let preferred 1002d preferred 100

United Rys of St L-Com vol tr ctfs 100e Preferred 100

Wash fly & El Co 100Preferred 1004s 1951 J-D

West Penn Tr&WatPow 100Preferred 100

1$14i7)37971

38491489348314323477

Ask788174

131238129701148414331278

102 103119 120

100 102103 105100 103157 16445 5568 7763 60100 102103 105

*78 81*45 47410 415100 10771 73z83 84'ifs X.312 5

112 1148534 _1414 14127314 7097 99

100

8714 88129412 9612325132 13787 808512 8012128 13033 4260 0870 8090 0597 1009914103 jai -*9012 03124 12607 09100574 180012 9193 0590 95•17 18*47 471290 9581 8235 3784 8617 2049 61

92 95

80 909 1250 GO90 10010497 _-_-25 3555 6514 1689 92

Telegraph and Telephonee Amer Teleg & Cable.. 100s Central dc South Amer_100Conun'l Un Tel (N Y)___25Empire & Bay State Tel_100Franklin 100e Gold & Stock Teleg 100e Mackay Cos corn 100

e Preferred 100e Northwestern Teleg____50Pacific 4 Atlantic 25e Pac Telep & Teieg pref_100Southern & Atlantic 25

Short•Term NotesAmal Copper 5s 1915 M-SBait & Ohio 43,0 1913..J-1)Birlyn Rap Tr 5s 1918- _J-JChes & Ohio 430 1914__J-I3Chic Elev Rys 5s 1914__J-JCin Ham & D 4s 1913___J-JErie Os April 8 1914__A-08

Coll bs Oct 1 1914.....A-0Coll ba April 1 1915__A-0

Gen'l Motors (Ss '15-See NYHudson Companies-

Os Oct 15 1913___A-015Ill Cent 43-5s

1914-_ J-J

Int & at Nor 5s 1914__F-AInter Harvester Is '15_F-AK C By & Lt Os 1912__M-SLake Sh & Mich So 412s..'14Michigan Central 412s_ 1014Minn & St L g 5s 1914__F-A1\Io Ban 6c Tex 5s 1913_M-NMissouri Pacific 55 1914_J-DeN YC Lines Eq be 1913-2245s Jan 1914-1925___J-J430 Jan 1914-1927___J-J

N Y Cent 4_,3_3 1_9 14____M-S

4128 19156__

1-NNYNH& Hartf-Is '13.J-IISt L & S F Is 1913 opt_J-D

Os Sept 1 1914 opt_- _M-S

Seaboard Air L Ry5s'16 M-SSouthern Is 1916 F-AWest Maryland Is 1915_J-.1Westingh'se El & SO 13s 19135% notes Oct'17-See NY

Railroade Chic & Alton corn 100

e Preferred 100e Chic St P & Om 100

e Preferred 100e Colo & South corn 100

e 1st preferred 100e 2d preferred 100

e N Y Chic & St L corn.. 100e 1st preferred e 214 preferred 1108g

Northern Securities Stubs__Pitts Bess & Lake Erle___50

Preferred 50e Railroad Securities Co-

il! C stk tr ctfs Ser A West Pac 1st Is 1933__M-S

Standard Oil StocksAnglo-American 011 £1Atlantic Refining 100Borne-Scrymser Co 100Buckeye Pipe Line Co___50Chesebrough Mfg Cons_100Colonial Oil 100Continental Oil 100Crescent Pipe Line Co.... .50Cumberland Pipe Llne....100Eureka Pipe Line C0_100Galena-Signal 011 com 100

Preferred • 100Indiana Pipe Eme Co.._50National Transit Co 25New York Transit Co......100Northern Pipe Line Co__100Ohio Oil Co 25Prairie 011 & Gas 100Solar Refining 100Southern Pipe Line Co 100South Penn Oil 100Sou West Pa Pipe Lines_100Standard 011 of Callf 100Stand 011 of Indiana_ ..100Standard 01101 Kansas .100Stand Oil of Kentucky 100Stand Oil of Nebraska_ _100Stand Oil of N J (old) 100Stand Oil of N J 100Standard Oil subsidiaries-Standard Oil of N Y 100Standard 011 of Ohio.. 100Swan & Finch 100Union Tank Line Co....._100Vacuum 011 100Washington 011 10Waters-Pierce Oil 100

Tobacco Stocks(See also Stock Exchange List)Amer Cigar corn 100Preferred 100

Amer Machine & Fdy...100British-American Tobac.L1Conley Foil 100e Helms (Geo W) corn. 100

e Preferred 100Johnson Tin Foll&Metal 100MacAndrews & Forbes_100Porto-Rican-Amer Tob_100Reynolds (R J) Tobacco 100Tobacco Products corn 100

Preferred 100e United Cigar Mfrs corn 100

e Preferred 100United Cigar Stores com.100

Preferred 100e Weyman-Bruton Co_....100

e Preferred 100Young (J 5) Co 100Industrial&Miscellaneouse Adams Express 100

Col tr g 45 1947 J-DAlliance Realty 100Amer Bank Note com____50

Preferred 60American Book 100American Brass 100American Chicle corn 100

Preferred 100e American Express 100Am Graphophone corn 100

Preferred 100American Hardware_ _100Amer Malting Os 1914._J-DAmer Press Assoc'n 100Am Steel Fdy Os 1935..A-0Deb 4s 1923 F-A

American Surety 50

Bid Act; Indust and Miscell-(Con60 63 American Thread •pref____5110 113 Amer Typefou,nders com 10098 110 Preferred 10060 72 • Deb g 6s 1939 NI-N40 50 Amer Writing Paper_ _ _ _100115 12112 Barney & Smith Car corn 10080 8312 Preferred 10066 68 Bliss (E W) Co corn 50114 120 Preferred) 5065 74 Bond & Mtge (iwtr 10095 100 Borden's Cond Milk com.10085 95 Preferred 100

British Col Copper Co...._ ..5Brown Shoe corn 100

98 9812 Preferred 1009978 10618 Casein Co of Amer corn 10006 9312 Preferred 1009858 084 Casualty Co of America 10097 9712 Celluloid Co 100994 100 City Investing Co 100100 10048 Preferred 1009912 100 e Claflin (H B) Co com 1009784 10014 e 1st preferred 100

StkE:c 11 e 214 preferred 100luett.Peabody& Co com100

97 Preferred 10099 t'-.. Consol Car Heating___ -100

999 00 7 198 C ons Preferred°lRubber Tire_ _ _ _100

12 100/ 87 91 Debenture 4s 1951__ _A-0994 9912 Continental Can corn. _..1009914 9912 Preferred 10098 9812 e Crucible Steel corn.. ..._l009934 10018 e Preferred 10096 9612 Davis-Daly Copper Co ....1O

o 5% 4.80 duPont(EI) de Nem Pow 1005 b% 4.80 e Preferred 100b 5% 4.80 Emerson-Brantingharn 10099 9934 Preferred 1009987 1,182 908% Empire Steel& Iron corn 1009

1009914 100 e General Chemical com..1009914 100 e Preferred 10098 9834 k Hackensack Water Co-9812 9818 Ref g 4s '52 op 1912 J-J97 9812 Hale & Kilburn com_100100 10012 1st preferred 100

•itii I. X .1) 2d preferred 100

10 20 HapvraenarredTobacco Co. .._1007e 100

25 50 1st g bs June 1 1922_ _J-I3120 140 Hecker-Jones-Jewell Milling140 150 let Os 1922 M-S28 30 Herring-Hail-Marvin -.10068 70 Hoboken Land & Improve't60 70 let 5s Nov 1930 51-N67 6034 Hocking Val Products. ..10097-. 1st g Sc 1961 J-J8014 90 e Ingersoll-Rand corn......100

e Preferred 100*28 32 Intercontin Rub m131_100*57 62 Internat Banking Co..... 100

• . Inpterrenfaertrioendal Nickel... 85

84 85 International Salt Per share let g 58 1951 A11-08(16'218 190 IInternational

Os 8tifoon4a f_1 Silver pre1003 63 JD

315 330 Internal Smelt & Refg 100.165 169 Lanston Monotype 100

Lawyers' Mtge Co 670 680 100120 130 Lehigh Val Coal Sales_ 501800 1900 Manhattan Shirt 100"05 08 Preferred 10075 80 Manhattan Transit 20380 390 Mortgage Bond Co 100208 212 e National Surety 100141 143 e New York Dock com_ _100

'140 146 e Preferred 100• 48 49 N Y Mtge & Security 100338 344 N Y Title Ins Co 100113 116 N Y Transportation 20"312267 313208 ONiiiiieos-CBoepmp-eProcnod corn..... 100

600 615 e Ontario Silver 10

260 265 Otis Elevator cone 100100

950 960 Preferred 100160 165 e Pettibone-Mulliken Co 100190 193 e 1st preferred 100

Pittsburgh Brewing 340 344 50585 000 Preferred 420 430

50

320 330 e Pittsburgh Steel pref.Pope Mfg Co corn 100

1100 1125 100370 373 Pratt dr Whitney pref 100*725 760 Producers 011 100850 660 Realty Assoc (Bklyn)..„100275 285 Royal Bak Powd corn._ 100200 210 Preferred 10068 70 e Rumely (M) Co corn-See180 182 Safety Car Heat & Lt.. 100.32 36 Sears,Roebuck&Co--SeeN 111400 1500 e Preferred-See Chic Stk

Singer Mfg Co 100

128 137Standard Coupler corn....

Preferred 100

80 90 Stern Bros pre 10040 50 Sulzberger & Sons Co pf_100*2374 2418 Texas & Pacific) Coal.. 100280 290 e Texas Pacific Land Tr_100170 180 TonopahMin (Nev)-SeePhila111 113 Trenton Potteries com.._100175 190 preferred new 100195 205 Trow Directory 100230 240 Union Typewriter oom 100275 288 let preferred 110 130 2d preferred 10090 93 United Conner

100

10045 48 Preferred 1009814 103 e United Dry Goods_.._ .1001004 101 s Preferred 100113 117 U S Casualty 100265 300 U S Envelope corn 100112 120 Preferred 100170 180 U S Express__ ___ 100

U S Finishing 100140 148 Preferred 100/ 7918 81 1st g Is 1919 J-J105 110 Con g Is 1929 J-J.4912 51 e U S Indus Alcohol 100•52 5312 s Preferred 100170 175 U Et Steel Corporation-138 140 col s f Apr Is 1951 op 1911195 200 Cole f Apr Is 1951 not op95 98 U S Tit Gu & Indem 100160 166 s Virginia Iron C & C 100-- -- 61 e Wells Fargo & Co 100,-, 80 Westchester & Bronx Title

zi-341-4 & Mtge Guar 100100 i61-. 14 e WeatIngtese Air 13rake.5045 50 Willys-Overland com 100. 100 Preferred 100

71 '1312 tWoolworth (F W)-See NY195 200 Worthington(HR)Co pf -100

Bi4*3,24610099112_7075122.302114106

6090

110134431008084865698701860z555192153492*2

u130901240921040171100

845897129(3- -4

f 60

1011210

1033351059274

110138104

112f 5113116912105841221221050100'1N100185

_30108100.5841,f6280982292•1012•36941550101130110195104

-AI, Ex11134

Stk EEx usz2983510565934959312

Stk E45020361210097

0510234190115103534308060289012

114114

"if -115

165.136146200

SUL E

Ask5

• 43103101 "r_2,15t 580 ..130 ,310 1115 .110712314

III98.1

120137413 •10184 •169061loOlg742275655393 •16149521s

1359547961345 •185 110711

866599986763

1021120

40

-11;1201401073531331101211585142182256010312

1721051051943205110

88SI

212819928

3710020 .60103

ifti"200106list11212x Its

b240 '111

1009011'x list755 •

38103101

1.64.•104200 '

105508

95

3

111

if

• • Per share. a And accrued dividend. Basis. Listed on Stock Exchange but usually inactive. /Flat price. n Nominal. a Sale price. I News1k-subsidiaries. s Ex-div. y Ex-rights. s Includes all new stock dividends and subscriptions. is Listed on Stock Exchange but infrequently dealt in; recorObi, if any, will be found on a preceding page.


1008 BOSTON STOCK EXCHANGE-Stock Record.

SHARE PRICES-NOT PER CEN2'UM PRICER Salesof theWeekShares

STOCKSBOSTON STOOKEXCHANGE

Range Since Jan. 1.On basis of 100-4/zare 1013

SaturdayMarch 29

MondayMarch 31

TuesdayApril 1

Wednesday ThursdayApril 2 April 3

FridayApril 4 Lowest. lily/zest.

*10238 10278*100 10014*209 210107 107194 19470 7012

' *260 290*712 ---

-_ 66*714 8*43 4512*166 168103 103* 235lai2 10912*112 1188412 8434

*101 105*1713 1876 771211878 119*120 130

Fro" 1-7-6"*37 42'815212 15234*85 86

•____ 165•7634 96 -96

52 529512 9534*373 402058 2078114 1141211458 116 •13314 13418*17 .7914 Iii12•66 7193 9814*534 6

:•11 121213 1213278 278139 1409134 9294 94

*21212i3*314 312

0.. __ 50130 80149 150

BF fii-16 1610512 10542714 271427 2734*1 112165 16748 481427 276138 021410712 10778

*2 2121 1

3712 387234 73342914 30•324 334.38 .42*7 712*214 21234 341486 6618460 465*1478 1641 4134

18___ .0545 45*3%, 41212 1213

' 614 014278 38113 62778 8

2114 23*14 3413 13*1612 1753 53

• 86 862512 2534*34 314

, •2 2121534 16*418 413738 738*414 4129 983

*2314 24•133 11252 521734 1734*214 212938 9122933 3014.0113 158*2 21254 5124812 491293 9424 24489 7019 1938*134 21018 10342312 2312

• .30 .3232 32*312 33880 31414 414*234 34114 411241834 492 2*IN 0125813 5312114 114*2 23482 63

_51.90 114

*10218 10238*100 10014209 2091210612 107*19070 "71"

*260 ____*712 ---

*____ -66*714 8*43 4512*166 168*102 103* 235iiiii1.2 10912

*____ 1181284 84

*103 1051734 17347634 77117 11812*122 133. _

Fro- 1-703512 351215258 15258*85 8512___ _ _80 -81-98 96

52 529558 95784 42012 2058

11334 11411412 115

x132 13234*1779 -795370 7098 9812*534 6*11 12*1112 1212278 280139 140914 921891 94213 213*314 31

*____ 5080 8014912 150

i85" 1611534 16106 106382712 2712*27 23*1 112165 1674834 5027 27146078 611310712 103

214 214*1 1143634 377178 7314229 294312 3513

• .38 .407 7'2 2143234 3465 66465 47015 1541 4112

*____ .054312 45312 3121212 1212618 6143 361 62734 8

2112 2212*14 34

1212 1212*1612 17*53 54*85 8625 2534 34*2 21215 1512414 4347 7144 49 9

*2312 2482*138 1125058 52175* 175412114 21429 92834 30113 1682 251s 53349 491291 9324 2414

*6812 693419 1938*134 21058 112313 2312.30 .3031 3113312 31X681 344 414234 234

e404 40384818 49*134 2914 9145333 5338114 114

*212 361 61

• .00 114

*103 10314*10013 10038*208 20910612 10612*190 195

7012 71275 275*712 ___

*___ _ -66*714 8*43 4512*166 168103 103235 235109 10912*117 1181284 84104 1041734 1876 761211812 119*122 133

168 168*35 ____15234 15412*85 8534*___ 155

7914 791490 96

*5312 54129512 95344 42012 2012114 11511412 1151324 13234*17

- -- -7914 793468 68*98 9812*534 6

*11 12*1134 1234

*____ 28013912 1411801 019212 93213 213*314 312

•_......•_......50*7978 8112149 149

io5" loll"1534 16106 106532713 271228 28*114 153

16712 17150 50342712 27126112 631810712 10712

*214 212*1. 11837 387333 74132014 2914334 334

• .38 .407 7*178 2143314 3466 6612470 47216 164113 42__45 -4-514312 312124 123464 612•273 362 03147% 822 22*14 kt13 1314*1612 1754 54

*8512 8625 253434 314*2 2121513 1614434 434712 712*4 412012 012

*2312 2112*138 262 521218 18*214 2129 9182958 3058*112 134*2 212512 578

4912 501295 952414 256913 711938 19122 211 111823 2334

* .25 .3232 33143% 343312 35414 414234 2%

4034 414814 4812134 134914 9145312 5418.114 112•24 2786134 64*I 114,

*103 1031410018 10014*206 20910612 10634*190 19571 7114

*260 292*'712 _______ __*714 -845 45

*166 168103 103* . 2354iiiii 1091211812 11812*8334 85105 1051734 187512 761211734 11858*122 133

*160 170.36 ___154 1-5418*86 8612*____ 15578 78

*____ 96

5412 541295 95344 420 20114 11478115 11512132 13253*17 __

- -7913 8 070 709812 9812*534 612 121134 1134

27912 2801404 14291 919278 9278214 214*314 31250 50*7973 81148 149

MT 1601316 161210614 108342712 27342734 2734*118 158

17012 17350 5012

*2712 27346212 623410834 10834

24 2141 1

3714 37147358 7442912 29434 35s

• .37 .437 72 2%334 33340613 6678470 4701512 15124113 -___ -

42

4514 4518*3 3121218 1212613 653278 36234 64734 77822 2214.14 3413 13

*1812 17*5212 6186 862534 2534314 34213 241512 1512434 4347 7313 412012 92244 2438*138 252 52418 18212 2129 9132913 3014*14 158*2 2125 5125012 501293 9324 247871 71121913 1912*178 211 1123 23

• .25 .32.32 3212VA 378

*3812 34414 413

*258 2784113 4114484 4814134 1349 g

*5213 5234.114 113*258 23463 63114 114

Last Sale*10014 10012*206 209106 10812*190 195

7114 7112*260 290

Last SaleLast SaleLast Sale

*13 4512Last Sate

*103 ____* 235iiiira log12

*118 122*8334 85106 1063418 187534 78117 11813

Last SaleLast Sale

167 167*35 --- ------- -6*155 15518

Last SaleLast Sale77 77

*---- 98

*-- 551295 0514*378 420 2012114 1141411512 116132 1324

SateLast le79 791270 709834 9834578 578

1078 1112*1112 13280 2801404 14191 910213 93

*21412.. .,._314

-

-U14___ __.753,3 7938149 149

Last Sateno 16o1316 1610614 100122712 2712

•____ 28Last Sale

170 17250 50142712 273463 6312

*10353 10918

212 212*1 1143713 37187314 7029 2914358 37aLast Sale7 72% 2 %3313 3460 6714485 465*1014 1041 4234Last Sale45 4534312 31212 1212614 614278 36212 64784 73422 2212Last Sale13 13Last Sale54 51*S44 8512254 2531*318 314•2 2121538 16*453 57 7414 413013 9782413 2412•138 25113 5318 1814214 2140 92834 3014158 138

*2 2145 51450 5002 0324 243370 71*1933 19582 21034 107823 23

* .25 .3232 3212338 312324 34414 4140258 2784113 41344818 4813134 134

.0 9135312 5312114 11 1212 212

*61 04*1 114

102 Mch'13 *1011g 10012208 200108 108*____ 19312

7214 7214

*260- _ __

712 Fe14'13 65 Mch'13 7 Mch'13 *43 4512

16(1 Feh'13 *103 10412* . 235'log' 109

_ _8434 -843-4105 1061418 18147613 761211734 11814125 Mar'13 200 Deo'12 *'1 70

15514 1-56128334 Mar'13 150 Mar'13 *7712

- -- _

*--s---..96

5412 54129514 9514418 41821 2112

11418 1143411514 11813214 1321218 Mar' 7913 793470 709.23 9812*578 61112 1112

•12 13280 280141 14291 913493 98421734 21734*314 21

*__ 507438 7478150 15090 Mar'12 160 loo*154 156810634 10634*27 2734*2712 23

112 Mar'13 171 171126013 501827 27033, 645812812 10614

218 2581 13773 3847578 781829 2914378 VAG

.40 Mar'13 --

-- --

2% 21834 34526714 68472 480*1614 164234 4314

.02 Mar'13 4558 46*3 3131212 1347 7278 36334 85758 77824 24

34 Feb'13 1311 1384

16 Mar'13 *54 55*8412 IA26 2718

314

*3%- -..- __1614 16735 57 7*414 413934 102433 2433134 134

5313 543418 181324 2140 9

1304 305*153 15$24 24533 5513504 5195 952438 247871 731934 201% 1%11 1113234 24

• .25 .3233 3343% 3%31 35*413 434278 2784134 4234434 4814*134 294 9135113 54781 1212 21263 6312*14 114

1437837

146510

5

2925186104276760

1,2031,033

8

1,094

6141

140878160465

1,045551

7,037

765102142208770120913432341113=Mexican1

164132

24343728012265

1,0142,019094

17,69717i

405670915

14,3292,8921,995

460850

8,8182,582

53165

1,420

1,08920

3,250885760

8,8327,3901,420

425

10941

2,48527550

11,258499663535

1,1354110

870368875

1,2578,553590145

1,5351,283393

2,785407725155

1,905560300

1,8901,5301,105550

1,8102.9131,12619542415618528526120

RailroadsAtch Top & Santa Fe-100Do prof 100

Boston & Albany 100Boston Elevated 100Boston & Lowell 100Boston & Maine 100Boston & Providence_100Boston Suburban El Cos_Do pref

Boston & Wore Elec Cos_Do pref

Chic Juno By & USY_100Do pref

Connecticut River_100Fitchburg prof__ 100Go. By de Elec stmpd_100Do prof 100

Maine Central 100Mass Electric Cos-100Do pref stamped _100

N Y N II & Hartford_100Northern N H 100Norwich & Wor pref_100Old Colony 100Rutland, pref 100Union Pacific 100Do prof 100

Vermont & Mass 100West End St 60Do pref 60

MiscellaneousAmer Agricul Chem_100Do pref ____ 100

Amer Pneu Service.... 50Do pref 50

Amer Sugar Refin 100Do pref 100

Amer Telep & Teleg_100._100 American Woolen 100Woolen_,

Do prof 100Amoskeag ManufacturingDo pref

Atl Gulf & W I S S L_100Do pref 100

East Boston Land 10Edison Elec Illum_100General Electric 100MassachusettsGasCos100Do pref 100

Morgenthaler Lino_100Telephone 10

N E Cotton Yarn 100Do pref 100

N B Telephone 100Portland (Me) Elec_100Pullman Co 100Reece Button-Hole.... 10Swift & Co 100Torrington 25Do pref 25

Union Copper L & M 25United Fruit 100Un Shoe Mach Corp.. 25Do pref 25

U S Steel Corp 100Do pref 100

MiningAdventure Con 25Alsomah Mining 25Allouez 25Amalgamated Copper 100Am Zinc Lead & Sm. 25Arizona Com'i ctfs dep..Bonanza Dev Co.. 10Bos&CorbCopicSilMg 6Butte-Balaklava Cop 10Butte& Sup Cop (Ltd) 10Calumet & Arizona- 10Calumet & Recta 25Centennial 25Chino Copper 6Cons ..

- Mercur Gold_ 1

CopperRange Con Co 100Daly-Weet 20East Butte Cop Min- 10Franklin 25Giroux Consolidated.. 5Granby Consolldated_100Greene-Cananoa 20Hancock Consolidated 25Helvetia Copper 25Indiana Mining 25Inspiration Consol C_ 20Island Creek Coal 1

Do pref 1Isle Royale Copper.... 25Kerr Lake 5Keweenaw Copper 25Lake Copper Co 25La Salle Copper 25Mason Valley Mines.. 5Mass Consol 20Mayflower 25Miami Copper 5Michigan 25Mohawk 25Nevada0onsolidated 5New Arcadian Copper 25Nipissing Mines 6North Butte 15North Lake 25Ojibway Mining 25Old Colony 25Old Dominion Co......_ 25Osceola 25Pond Creek Coal...-. 10Quincy 25Ray Consol Copper_ 10Santa Fe Gold & Cop.. 10Shannon 10Shattuck-Arizona._ 10South Utah M & 8_ 5Superior 26Superior &Boston Min 10Tamarack 25Trinity 25Tuolumne Copper_ _ - 1U S Smelt Ref & Min- 60Do pref 50

Utah-Apex Mining_ 6Utah Consolidated 5Utah Copper Co 10Victoria 25Winona 26Wolverine 25Wyantlott 25

10038 Feb 26100 Mchl0206 Mch18105 Mch 24190 Mch2065 Mch 1/260 Mch 17

712 Feb 1965 Mch 75 Feb 2543 Mcb 6168 Feb 14102 Mch25235 Apr 1101 Mch 1711812 Apr 29278 Feb 4101 Mch171614 Jan 9734 Mch 2411312 Mch 18125 Mch25-

fa ivichia34 Mch2514738 Mch 138312 Mch19150 Feb 2776 Feb 2693 Mch 20

4714 Jan 1795 Apr 2378 Feb 141912 Feb 13

11012 Mch 1911134 Mch 1213038 Mch201634 Feb 2878 Feb 365 11,Ich 1497 Mch205 Jan 10

. 10 Jan 711 Jan 14

27634 Mch 28135 Feb 2588 Mch 139112 Jan 31212 Mch 173 Jan 1850 Apr 27438 Apr 4144 Moll 19. _ .

iiii.125icii. 2515 Jan 2010478 Mch 132714 Jan 2327 Mch28118 Mch25

157 Feb 2548 Mch 2927 Jan 20584 Mch 10107 Mch19

214 Mch 311 Feb 2082 Feb 186578 Feb 252634 Jan 15212 Feb 18

.31 Jan 185 Jan 152 Mch 1920 Feb 2560 Feb 18

x435 Feb 211314 Feb 253534 Feb 27.02 Mch254212 Feb 19312Jan 131114 Feb 24578 Feb 25212 Feb 2155 Feb 18713 Feb 19

1612 Feb 1984 Jan 3

1012 Feb 20164 Feb 1949 Mch2584 Jan 2322 Feb 19258 Jan 14112 Jan 712 Feb 18334 Mch 17 Feb 25313 Apr 28 Feb 182/34 Feb 19112 Feb 647 Feb 241134 Feb 182 Jan 14812 Mch 42414 Feb 19114 Feb 242 Feb 1741: Feb 1944 Feb 2685 Feb 2522 Feb 1805 Feb 241658 Feb 19158 Feb 27

1013 Feb 2721 Feb 19.20 Jan 82:1? Feb 181 • . Jan 22 Feb 194 Feb 192% Feb 153814 Feb 2548 Feb 14113 Fob 1384 Fob 2549 Mch191 Apr 4212 Feb 1960 Mch 19

Si Feb 20

10614 Jan 210138 Feb 4215 Jan 211414 Jan 30205 Jan 2797 Jan 3290 Jan 3

712 Feb 1965 Mob 7714 Mch 645 Jan 24166 Feb 14107 Mch 5260 Jan 13122 Feb 8126 Feb 1085 Mch27110 Mch 131938 Feb 479 Feb 5130 Jan 9130 Feb 21

ifol2 i'lli ii36 Mch2516214 Jan 69012Jan 9150 Feb 278112 Feb 8100 Jan 3

57 Jan 119914 Jan 24'1 Jan 3

2334 Jan 1111812 Jan 31174 Feb 114012 Jan 318 Jan 148112 Jan 775 Jan 14100 Jan 23

578 Jan 2312 Jan 315 Feb 8

28812 Jan 1018034 Jan 29312 Jan 229558 Meh24219 Jan 2

312 Feb 850 Apr 29112Jan 11160 Jan 11. _ .165-1-2 3 ail i1612 Apr 2108 Mch 52812 Jan 152814 Jan 202 Jan 4

182 Jan 35534 Feb 42812 Feb 369 Jan 2111 Jan 30

6 Jan 4214 Jan 3424 Jan 38014 Jan 23273 Feb 10412 Moh 6

43 Mch 137 Feb 34 Jan 445 Jan 27212 Jan 2555 Jan 218 Jan 64712 Jan 2.02 Mch2553 Jan 24 Jan 271518 Jan 29 Jan 23% j„ 27312 Jan 29)3 Jan 225 Jan 2

84 Jan 317 Jan 21812 Jail 859 Jan 48712 Jan 10334 Jan 23% Feb 15388 Feb 4

20)2 Jan 854 Jan 31012 Jan 2512Jan 21514 Jan 22612 Jan 3134 Jan 2

65 Jan 71934 Jan 4213 Jan 2912 Mcb29

3412 Jan 2234 Jan 2314 Jan 4838Jan 256 Jan 2107 Jan 22814 Jan 280 Jan 322 Jan 33 Jan 2131t Jan 22812Jan 3.35 Jan 1840'2 Jan 28438 Feb 433 Jan 36 Jan 0312 Jan 23

4312 Jan 260 Jan 0238Jan 3

1114 Jan 260 Jan 22 Jan 2413 Jan 270 Jan 3112 Jan 1)

Range tor Previous .Year 1912.

Lowest,

10378 Feb10114 Nov21112 Sep112 Dec202 Nov94 Dec290 Dec10 Dec70 Dec7 Dec50 Aug165 May10712 Oct260 J'ly119 Dec121 J'ne83 Dec125 Dec16 Deo7238 Dec126 Dec12812 Oct200 Oct/174 J'ne41 Jan162 Dec8913 Sep150 Dec80 Oct90 Nov

54 Dec98 Dec3 Aug14 Mch

11334 Dec11414 Dec13712 Jan22 Nov7914 Nov75 Nov

19014 J'ne5 Aug

1012 Aug1034 Jan

27212 Sep155 Jan18818 Ply93 Dec21412 Dec

213 Mch90 Dee90 Dec14814 Oct7212 Jan158 Feb1334 Jan9812 Jan2/ May28 Jan.85 Jan

h174 Sep4614 Jan274 Dec5533 Feb10718 Feb

Dec2 Dec35 Dec60 Fob2412 Feb2 Jan

.25 Nov412 Dec

21640 J'ly1912 Feb5712 Feb405 Feb1513 Dec2514 Feb.01 Nov48l Dec312 Oct1214 Jan078 Sep3 Dec33 Feb712 Feb22 Oct.70 Dec1118 Seri1638 Deo4012 Jan85 Jan2034 Jan2 Apr

,80 Jan2234 Dec412 Feb104 Dec5 Dec234 Jan

2333 Jan158 Deo

5013 Jan1814 Jan2 Dec534 Jan2234 Feb218 Dec112 Dec258 Jan44 Jan100 Dec15 Mch7212 Dec1618 Jan1 Jan9 Jan17 Feb

14 Dec24 Feb1 Dec28 Jan4 Deo213 Dec34 Jan47 Jan1 Nov012 J'ly5212 Jan134 Dec34 Dec65 Deo1 Dec

Ilighest.

11114 Oct10414 Feb22212 Apr13434 Mch218 Jan10012 Jan300 Apr14 May80 J'ne1212 Jan57 Jan170 Jan112 J'ne272 Jan128 Jan

2179 Apr9112 Jan1474 May2318 Jan83 Feb

14238 Apr143 Jan21212 Jan ,187 Jan70 Jan17614 Sep9378 Dec164 Jan8878 Feb10312 Mch

6334 Itch105 Meh

514 J'ne2412 Nov

13358 May12334 Aug149 Mch30 Mch9414 Mob84 May105 Mch9 Feb20 Jan1714 May

300 Mch189 Dec95 Oct9873 Feb229 Aug

412 J'ne105 Jan107 Mch164 Mch90 Mch184 Aug1738 Apr10913 Sep32 Jan31 Apr334 Apr

20812 J'ne5712 Aug2934 Sep8058 Sep11638 Oct

1114 Apr814 May

5018 J'ne9258 Oct35 Oct678 Apr

;55 Apr914 J'ne534 Apr5134 J'ne8312 Aug615 Sep2712 Apr5014 Nov.09 Jan664 Apr712 Meh1634 Sep1614 Apr61140Apr7734 Nov1118 Oct37 J'ne2 May23 Apr2158 Jan0534 J'no9114 Aug3714 Nov318 Feb3 May49 Apr8 Apr1412 J'ne914 Jan1812 Apr3038 Sep513 Apr73 J'ne2438 Sep014 Apr914 Dec

3933 Oct834 Apr8634 Jan1314 Mayet Oct13012 J'ne29 Novj. J'ne2118 Sep478 May

1778 Aug3112 Nov114 Apr

4878 J'lv478'Jan

51 Apr912 Apr

4"48 Mch/5058 Sep5234 Sep3"ta Feb2038 Apr6738 Sep678 Jan734 Men1334 Apr17 Zilch

• Bid and asked prices, a New stock. e Awet paid. b Ex-stock dlv. 3 Ex-rights. a Ex-dly. and rights s Unstamped.


APR. 5 1913.) Boston Bond Record 1009

BONDSBOSTON STOCK EXCHANGE


PriceFridayApril 4


Am Agricul Chem 1st 52_1928Am Telep 84 Tel coil tr 42_1929

Convertible 48 193820-year cony 4s 10;13

Am Writ Paper isle f 52 g_1910Am Zinc L & 8 deb 62 1915Ariz Corn Cop 1st 65 ctfs of dep_Atch Top & S Fe gen g ,,s 1995

Adiustrnent g 42....- _July 1906Stamped July 199350-year conv 45 105510-year cony 5s 1917

Atl Gu.f & W 128 Lines 5s-1959Boston Elev r g 4s 1935Boston Lowell 4s 1916Boston & Maine 4 ;s 1944Improvement 48 1937Plain 4s 1942

Bur & Mo Itiv cons Os 1918Cedar Rap & Mo Ely 1st 72 1916Cent Vermt 1st g 48__May 1112u0 13 & Q Iowa Div 1st 5s 1919Iowa Div 1st 43 191Denver hIxten 48 1922Nebraska Eaten 4s 1927B&SWsf 48 1921Illinois Div 3725 1949

Chic Jet lty & Stk Yds 58.._1915Coll trust refunding g 42_1940

Ch Milw & St I' Dub D 6s 1920Ch M & St P Wis V div 6s_ _1920Ch & No Mich 1st go 58 1931Chic & W Mich gen Is 1921Concord & Mont cons 4s 1920Cudahy Pack (The) lstg Si 1924Current River 1st 52 1926Det Cr Rap & W 1st 4s 194Dominion Coal 1st s f 52_11040Fitchburg 4s 191542 1927

Fremt Elk & Mo V 1st 62_1933Unstamped 1st (is 1933

A-0

411j

J -M-N

Nov

J-1)J -D3-.1M-NJ.,

-AF- AJM-NQ-FA-0A-0F- AN1-N11-S

JJA-0J-JJ j

J -I)J-1)M-NA-0A-0

'4- SA-()A-0

Btd Ask Low High9012Sale 99 9918834 Sale 8714 883410212105 10338 Mch'1310418 Sale 10314 10418

8978J'ne12...._ 131 J'ne'12

82 J'ly '12-65372 6686 871

103 i031103 10314

- —10110,3_83 gi

103 101981s 99-

664 901861

-661-2 -9193 94

----

79

___

i61498 99

93%_ _

- - -

bNo.6

RangeSinceJan. 1.

82

159

965 Feb '138.8s Nov 128912 J'ly '1210434 Sep '1211013 Meh'll60 60 2U51 Feb '12

10014 Mch'0910412 Oct '0,

102 Jan 1311158 Sep '11821k 83 5

1103 Oct '0798 Mch'13....,9978 Feb '12 _9812 Mch '129812 Dec '12 ___837 Mch'13 _gels 0012 38612 861 21108 Fob '131132 Feb '1191 May'1292 92 29712Sep '1110014 Aug '12100 Aug'128014 Sep '1299 Feb '1103% Apr '05 _95 Oct '12122 Feb '13 ____122 M eh '12 ____

Low II fgh99 10286 893410212 10610212 104%

-

" "jik

_

jai" 102i"ii" "893498 98

_83% 851s08581003r8613 8011:11038 1103*

921k 98

"ii" -61/1,

122 122

BONDSBOSTON STOCK EXCHANGE

Week Ending AprIl 4.

PriceFridayApril 4

V eek'sRange orLast Sale

General Motors let 5-yr 69..1915(It Nor C B & Q coil tr 45._1921

Registered 4s 1921Illinois Steel deben Is 1913fa Falls & Sioux 0 let 7s 1917Kan C din & Spr let 52_1925Kan C Ft Scott & Mew 69._1928Kan C Id & B gen 48 1934Assented income Is 1934

Man C & M Ry & Br let 5s_1920Marq Hough & Ont 1st Os_ .1925Mass Gas 40 1929Mich Telephone let Si 1917New Eng Cotton Yarn 52_1929New Eng Teleph 5s 191555 1916

New England cons g 5s 1945Boston Term 1st 4s 1939

New River (The) cony 52_1934NY Nil & H con deb 3 As_1956Cony deb es 1948

Old Colony gold 48 1924Oregon Hy & Nay con g 42_1946Oreg Sh Line 1st g 65 1922Pere Marquette deb g 62_1912Repub Valley 1st s f 6s_ _ _1910Savannah Elec let cons 58.._1952Seattle Elec let g Is 1930Shannon-Arts 1st 68 g 1910Terre Haute Elec g Is 1929Torrington let g 58 1918Union Pac RR & Id gr g 42_194720-year cony 48 1927

United Fruit gen s f 4 As 11223Debenture 44s 1925

U 8 Steel Co 1 0-80-yr 5sApr1063West End Street By 48 1915Gold 43-is 1914Gold debenture 42 1916Gold 4s 1017

,Western Teleph & Tel 5s 19321Wiscons1n Cent 1st gen 4s1949

A-0.7..)Q-A-0A-()A-0n-Nn-sn-SA-0A-0J -3J -JF-AA-0A-0J-JA-0J-JJ-JJ-JF-AJ -DF - AJ-JJ-JJ-JF -A11-NJ -J

J -JJ-JJ-JJ -J11-NF-AM-/11-NF- itJ-JJ-J

Bid Ask98% 990538 Sale95 __

1101; Sale— 90'16 809818 9912

97 9712_

99 99%901299% Sale99 ___

102

10674 Radii

_- 98

0334 951210078 Sale

Low High9934 Feb '139458 95129412 9412997 Feb '13117 Apr '0892 Feb '1311012 110129012 Feb '1380 8010118 Feb '13115 .1'ne'08951 Mch '139834 999014 Mch'139978 10110012 Sep '08

75 Dec 119214 Mch '12120 Mch'13101 Apr '01,981 Sep '0911132 Oct '1295 Jan '12103 Jan '117014 Dec '1010312 Mch '1393 9307 Apr '010034 Mch'1310018,1'1y '1210172 May'1298 961895 9510078 Mch '1399 May'12998 Oct '1297%Feb '1398% Nov'll9812 9913035s Feb '12

cO.

No

251

2

2

33

26

LangeSince

Jan. 1

!,orr rt .gli9912 99493119412 95789914 100

92 9210013 1139012 90%80 80101% 101%

_-94 96%9834 9990 9399% 101

120 1261

. -- - -

roil; 1o31-292 96

10054 10034

- -95(4 28149354 952810012 10134

971 971k

"jfi 1065;

NOTR.—Buyer pays accrued interest in addition to the purchase price for all Boston bonds. S No price Friday; latest bid and asked. Flat prices.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly

Share Pecos—Not Per Column Pecos Salesof theWeek.Shares.

ACTIVE STOCKS

(For Bonds and InactiveStocks see below)

Saturday'lard, 20

;landauIf arch 31

TuesdayAril 1

WednesdayApril 2

ThursdayApril 3

FridayAprU 4.

Baltimore*108 ____ __ ____ *110 118 ___ ____ *110 __ *109 Con Gas El L & Pow..1 00*113 120 ......_ __ *113 119 *____ 118 *112 ____ 116 1151k 106 Do prof 100

1934 20 2012 2012 2034 21 2012 21 2034 2134 22 23 5.555 Houston Oil tr etfs 1 006212 63 6312 64 13312 6412 *6312 6412 64 64 64% 65 037 Do prof tr ctts_100

*121 ____ ___ ____ *122 123 123 __—_-_ 123 123 72 Northern Central 501934 2018 2018 201 207 2072 20 2014 2014 1978 20 816 Seaboard Air Line 1004412 4412 -------- 4534 _ 453 ---- -- 4415 4412 ----- 25 Do prof 1002412 25 2514 26 26% 2612 2634 27 27 2734 2714 2712 17,152 United By & Electric_ 50

Philadelphia3 American Cement 50

;5634 3914 3834 3834 *38 89 3834 3834 3814 3834 39 35 86 American Railways.. 60*5038 51 5072 51 5078 5114 5012 5034 5018 5112 5114 52 4,340 Cambria Steel 50*1178 ___ .1172 ____ *1172 ____ *1178 __ *117 __ *1172 _ ______ Electric 06 of America 105012 5012 503 5032 5012 51 507 51 5012 5034 5018 5012 1,006 Else Storage Battery_1 008934 3954 3912 3912 40 40 *391 40 39 8912 3912 397 1,278 Gen Asphalt tr ctfs_1007312 731 *7314 74 7334 7414 7414 7414 74 74 74 74 411 Do prof tr ctfs_l 001214 1234 1212 1258 1212 13 1238 13 1278 127 1234 1234 6,295 Keystone Telephone.. 502712 2734 2734 28 28 2912 *29 2914 2878 2878 29 29 2,239 Lake Superior Corp_1008814 8814 8778 8778 8818 8814 8868 9014 89 8934 89 8918 790 Leh C & Nal, tr Ws 50788 785 79 7914 797 8014 80% 8034 803 8034 81% 8134 431 Lehigh Valley 5023 2338 2238 23 23 2314 2278 2318 2278 2318 *2314 2334 7,450 Lehigh Valley Transit 503614 361 36 3612 3612 3634 3618 365 3618 3612 3614 3614 2,315 Do pref 605911 5938 5911/459 ife 50-(, 5034 5913 5911s 5912 5938 5938 5934 2,608 Pennsylvania I4It 50447 4472 4434 4434 443 4434 *4334 44 4312 4312 44 44 534 Philadel Co (Pittsb)_ 502234 23 2234 23 23 23 23 23 23 23 227 23 5,099 Philadelphia ElectS 25*2512 2534 2512 2534 2614 2612 28 28 2534 2534 2534 2534 1,300 Phila It T vol tr ctfs 5079% 8034 80%80% 81 1X482 'A 8134 8134 81",f4 8234 8211483 °X. 20,349 Reading 505% 534 5%, 6%4 518 514 514 514 514 514 014 Sri 655 Tonopah Mining 1493 4934 4978 50 50 5034 5012 5038 5012 5012 50 5012 2,183 Union Traction 50877s 877 7867a 86% 8634 8734 86% 87 87 87 8634 8672 2,198 'United Gas Impt 50

Range Since Jan. 1.

Lowest Highest

105 Jan 13110 Jan 131734 Jan 26112 Meh 24120 Jan 21812 Mch 104312 Feb 2823 Jan 6

2 Feb 633 Apr 44912 Fob 2411% Jan 294934 Mch 2537 Mch 107112 Feb 251118 Jan 1426 Feb 2687 Feb 267638 Mc h 101534 Jan 432 Jan 135878 Feb 194312 Apr 32218 Mch 1024 Mch 197612 Mch 10518 Mch 13

4938 Mch 138614 Mch 10

120 Jan 1612034 Jan 3123 Apr 468 Jan 9123 Apr 221 Jan 304734 Jan 2427% Apr 3

2 Feb 624912 Feb 245352 Jan 91212 Jan 95414 Jan 94278 Feb 47712 Feb 413 Apr 13112 Jan 99312 Jan 384%, Jan 32378 Mch 283712 Mch 2861% Jan 950 Jan 82434 Feb 142812 Jan 3804 Jan 2

612 Jan 135112 Jan 19112 Feb 3

Range for PreriousYear (1912).

Lowest Highest

96 Jan101 Jan

814 Jan5334 Jan121 Dec18 Dec4512 Mch1814 Jan

1 j'ne4012 Oct4112 Mch1112 J'ly5234 Jan18 Apr5934 Apr6 Apr27 Feb8773 Mch7818 Feb812 Jan23 Jan60 Dec6934 Dec51678 Jan2218 May7414 Jan6 Dec4934 Feb8614 Jan

117 May118 Apr25% Nov7212 J'ly130 Apr2714 May5534 J'ne26% Sep

7 Jan47 Sep5512 Oct1212 J'ly5838 Aug3912 Dee7312 Dec13 Sep3514 Sep100 Sep92% Jan1673 Sep3312 Deo634 Apr5614 Feb24% Sep29 Sep8914 Apr814 Apr53 Sep9232 Aug

PHILADELPHIA llid Ask PHILADELPHIA Did Ask PHILADELPHIA Bid Ask BALTIMORE Bid Ask—____-- _

_

96_._ --_--104--10412..,-82---.-,--9811

...... .

741g..,,,959112.---_..----__—_ __-

.-_.924454---......— --.,...105...........10/14

Inactive StocksAmerican Milling 10Amer Rys prof 100Cambria Iron 60Central Coal & Coke_l 00

Preferred 100Consol Trac of N J 100Germantown Pass 50parwood Electric 100Huntington & B T 50

Preferred 50Insurance Co of N A 10Inter Sin Pow & Chem 51Interstate Rys, prof 10Kentucky gecurities 100

Preferred 100Keystone Telep, pref. 60Keystone Watch Case 100Lit Brothers 10Little Schuylkill 50Minehill & Schuyl H.- 50Nat Gas Elec Lt & P..100

Preferred 100North Pennsylvania 50ennsylvania Salt 50

Pennsylvania Steel 100Preferred 100

Phi's Co (l'itts) pref 50Phlla German & Norris 50Phlia Traction 50Railways General_ 10Tonopah Belmont .13 i; 11, lilted Cos of N J_ 100United Trac Pitts prof 50.Virginia By & Power_..100

Preferred 100Warwick Iron & Steel_ 10Washington-Va Ry 100

Preferred 100Weishach Co 100West Jersey & Sea Sh. 50Westmoreland Coal._ 50Wilkes Gas & Elec.-100 50'York Railway%

Preferred 50

1101439281%74___41 -___......2112___

:_ __________....461-2_;

-171-2...5648980___103 -. __

391408012

_"65-8

229_ ....._ . _ .„.101-2

- - —_ ----001274

_ii36

132- -ti38212____ ,

-42 -113022

.....__. .

__ ._4712_

-1812...__—..----......._,.._104.___

401458112

- -6%233. . _____

-11----— _

....611278.

-a37

BondsPrices are all "and

interest"Alt & L V Elee 4 418'33F-AAm Gas & Elec 5s '07_F-AAm Itys 5s 191 7___ A-04t1 0 Gas 1st 8 f Si '60 J-JBerg&Enrow lst6s'21 J-J13ethleh 8'11 62 1098_Q-11'Ch Ok & GI gen Ss 1919 .J-JCon Trac of N J 1st 52 '33Del Co Rys tr ctfs 42'49J-JEdison Elm 5s 1040__A-0Cleo & Peoples Tr tr ctfs_Fr Tao & II lit 52 '40_J-JGen Asphalt Si 101 6.M-SHarw Elm 1st 63 1942M-8Interstate 4s 1943___F-AKeystone Tel 5s 193 5__J-JLake Sup Corp Inc 53'24 0Lehigh Nav 4Ms '14_Q-JGen M 4%s g 1924.Q-F

Leh V 0 1st Is g 1033_ -JLeh V ext 42 let 1948-J-13Qonsol Cs 1923____J-DConsol 4 s 1923_,J-DAnnuity 6s J-D_Gen cons 4s 2003_M-N

Leh V Tran con 42 '35 3-D1st series A 4s 1935_Al-S1st series B Is 1935 M-S

MarketStEl lit 4s '55M-NNatLH&P serll 52 '19 J-JNew Con 00.9 Is 1048_J-DN Y Ph le No 1st 42'39 J-JIncome 9s 1039.__M-N

Pa 8; N Y Can 5s '39..A-0penn Steel 1st 5s '1 7_M-NPeople's Tr tr ctfs 42_11)43P Co lst&coll tr 58'49M-SCop & coil tr Is '51 141-N

Phil Eiec gold tr ctrs-A-0Trust ctfs 4s 1940__J-J

P & E gen M Is g '20-A-0Gen M 4s g 1920- _ _A-0

—

__86

-- ---- --- Spanish-Am___1161-2

101______8412____..__10059„-74 --------- Canton

105%10534__-----____

943-4

__10214—__

-_-_ :..:...- •— - -....___09901038012101

_

___881-4 61

_ _ __11714

_.___100-286___.__ —6090741 .

____

....._

-95 - __

_io61496%

_------98.

-...--- -____8912100911031281_—.

Ph & Read 2d 58 1033 AEx Imp M 4s 1947_ATerminal Sc g 1941 Q-

P W 8; 11 col tr 42 '21__J-JRead Trac 1st Is '33 __J-JRods Ry & Leon 52 '54J-J

Jr Is '2 7__J-JStan'il Gas & El 63'26 J-DSt4Dvi St1 Wks Ist51'28 J-JU Trac Ind gen 54 19_J-JUn Rys tr ctfs 4s '49 _J-JUnited Rys Inv 1st coll trs f 5s 1926 M-N

Welsbach s f 52 103 0—J-DWil-B G&E con 5s '55_J-JYork Rys let 52 1937_J-D

BALTIMOREInactive Stocks

Allan Coast L (Conn)_100Co 100

Qonsolidation G'oal_ _ _1 00Georgia Sou & Fla 100

let preferred 100Zd preferred 100

0-13-8 Brewing 100Bonds

Prices are all "andinterest"

Bait City 3 J.s 1030__ J-34s 19 54-1955__VariousIs 1916 M-N

Anacostia 8; Potom Is A-0Atl C'st cony deb 4s_M-NAll Coast L(0t)ctfs Si J-D5-2 0-yr 4s 1925 .7-3

11 $1' & C 1st 4515 '53 F-ABalt Tree 1st 56 '29-M-NNo Balt Div 52 194 2.1-0

Cent Ry cons Is '32_M-NExt & Imp Si 1932 M-8

Chas City Rs, 1st 5821 J-JChas fly 0 & El Is '99MSCity & Sub let Sc 1922 J-DCity&Mub (Was) 1st 5s '48

11212_ _ .11834

__... ---------(ion

101991210212___73 -

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1628-49912961021289951041210614104WI102129610314102

11314...11414991nsol

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--_________....3

____9614

_10098________9512__ ...__________1031497104121031

Coal & 0 Ity lst 52 '19A-0Coal & I By 1st 5s'20 F-Aol & Grnv let 6s 1916 J-3

Gas Sc 1930__J-D4142 1954 A-0

Cons clf B & P 4 3is '35 J-JConsol coal Si 1950.._J-1)Fair & Cl Tr 1st Si '38 A-0Ga & Ala lit cop Si '45 J-J§a Car&N 1st 52 g '29 5-.)eorgia 1' 1st 68 1922__J-Ja So & Fla 1st Is '45_J-J

C1-13-8 Brew 3-42 '51_M-SHouston 011 div ctfs F-AKnoxv Trac 1st 52 '28 A-0MaconRy&Lt 1st 58'53J-JMd Elec fly 1st 52 '31 A-0Memphis St 1st Ss '45_J-JMonon V Trac 5s '42 J-DMt Ver Cot Duck 1st 5s__NptN & 01' 1st 5s'38M-NN Sc A Tor1111 52 '29 M-SNor&Port Tr 1st 5s'36 J-DNorf By & L 58 '49__M-NNorth Cent 4 As 1925 A-0

Series A 5s 1926___-J-JSeries B 5s 1926____J-J

Pitt Un Trac 5s 1997__J-3Polo Val 1st Is 1941___J-JSay Fla & West 5s '34 A-0Scab Air L 4s 1950 A-0Seab & Roan 5a 192 6__J-JSouth Bonnol 1st 58 A-0II El L&P 1st 4348'29M-NUn Ity & El 1st 4s '49 M-bIncome 42 1949 J-DFunding Is 193 S_J-DCony notes 58 1914 J-J

Ira Mid 3d ser 132 '16_M-S4th ser 3-4-58 1921 M-S5th series Is 1926 M-S

Vs, (State) 38 new '32_J-JFund debt 2-3s 1991 5-,1

West N C con 62 1914_J-JWil & Weld Si 1935___J-3

____100.

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-98 -___

7414979314..._991410010641063499103108.._ _ _10310690___653-4871()7__......._ _—..._1007-8____

* Bid and asked; no sales on this day. II Ex-d1v. and rights. 11 $15 paid. I 13!i paid. 4 $17A Paid.



ituestInent and ftaitrcrad intelligence.RAILROAD GROSS EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returnscan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twocolumns the earnings for the period from July 1 to and including such latest week or month. We add a supplementaryatAment to show the fiscal year totals of those roads whose fis-ml year does not begin with July, but covers some other

pen i 4:1. The returns of the electric railways are brought together separately on a subsement page.

ROADS.

Latest Gross Earnings. July 1 to Latest Date.

Week orfont/i.

CurrentYear.

PreviousYear.

Ala N 0 & Tex Pac- $ $ $N 0 & Nor East_ 1st wk Mar 69,000 70,000Ala & Vicksburg_ 1st wk Mar 33,000 26,000Vicks Shrev & P.. 1st wk Mar • 28.000 24,000

Ann Arbor 3d wk Mar 42,661 44,043Atch Topeka & S Fe February _ 9,047,303 8.592.050Atlanta-Birm & Atl February _ 250.491 275,327Atlantic"Coast Line February _ 3,360,451 3,046.518

Chariest & W Car January _ _ 153.819 144,427Lou Hend & St L February . 97,452 106,072

g Baltimore & Ohio_ February _ 7,362,870 6.802,614B & 0 Ch Ter RR February _ 121.040 99,890

Bangor & Aroostook February _ 206.262 302.858Bessom & Lake Erie February - 865,341 280,901Birmingham South_ January -- 113.143 69.746Boston & Maine... February _ 3,496.714 3,339,111Buff Roch & Pitts 4th wkMar 288.017 2$7.713uffalo & Susq_ February _ 197,357 189,701

Canadian Northern 4th wkMar 636,500 603,503Canadian Pacific 4th wkMar 3,557,000 3,441,000Central of Georgia_ 3d wk Mar 302,100 289,700Cent of Now Jersey January __ 2,480.301 2,303.370Cent New England_ February _ 258,491 291.507Central Vermont January, __ 315.383 286.014Ches & Ohio Lines _ 3d wk 1%lar 681.87(3 696,642Chicago & Alton 2d wk Mar 264,561 293,925f)hic Burl & Quincy January __ 7,623,161 6,509.074

tChic Great West_ 3d wk Mar 284,562 265,849hic Ind & Louisv_ 3d wk Mar 124,367 120,611hie Nilw & St P_1 February - 6,564,392 6,048,506

' Chic Mil & PugS fChic & North West February _ 6,658.695 5.969,923tChic St Paul M&O February - 1,250.054 1,153,936'Chicago T H & SE.. January __ • 166.120 177,955Cm n Ham & Dayton February _ 749,326 697,154Colorado Midland_ February _ 108,489 118,663b Colorado & South 3d wk Mar 258,757 237,524Cornwall February _ 19,626 14,875Cornwall & Leban_ February _ 35,950 21,993Cuba Railroad February _ 465,147 867,376Delaware & Hudson February _ 1,944,913 1,804,389Del Lack & West February . 2,896,012 2.763,755Deny &Rio Grande 3d wk Mar 414,600 382,100

Western Pacific February - 413.800 326,658

EDenver N Pac_ January __ 75,934 107,531W dc etroit Tol & Iront January ..- 129.598 142,062

etrolt & Mackinac 3d wk Mar 26,104 23,575ul & Iron Range February _ 108,087 113,997

Dul Sou Sh & AU 3d wk Mar 61.700 66,949' 'gin Joliet & East_ January __ 1,091,445 761,771

1 Paso & Sou West February _ 743,916 668,588Erie February _ 4,606.883 4,391,671Fairchild & N E. February... 2,078 2,536Florida East Coast_ January __ 520,149 423.304Fonda Johns & Glov February _ 67,239 65,849

8eorgia Railroad February _ 255,814 292,706rand Trunk Syst_ 3d wk Mar 1,110,964 910.536Grand Trk West_ 3d wk Mar 148.642 123,594Pet Or H & Mil_ 3d wk Mar 43,058 39,248Canada Atlantic_ 3d wk Mar 49,117 37,569

Oreat North System February _ 4.581,109 4.322,292Gilt & Ship Island.. February _ 174,894 165,052ocking Valley February _ 497,615 70,431

Illinois Central_ __ _ February _ 5,159,269 4,942.580nternat & Grt Nor 3d wk Mar 167,000 173,000

Vanteroceanic Mex. 3d wk Mar 139.720 179,013

nsas City South_ February - 806,278 778,103anawha & Mich February _ 233.319 195.875

'Lehigh Valley February _ 3.071,330 2,968,954Louisiana & Arkan_ January _ _ 149,550 125,246a Loulsv & Nashy 3d wk Mar 1,101.465 1,140,520'Macon & Birm'liam February _ 12,215 15,154Maine Central February _ 824,670 807,059Maryland & Penna. February _ 34,040 28,732Mexican Railway- 2d wk Mar 176,100 164,000

Eineral Range.... 3d wk Mar 15,598 15,406• inn & St Louis-1 4th wkMar 208.853 175,266

Iowa Central... JWinn St P & S 8 M_ February - 1,344,456 1,052,287' Chicago Division. February - 837.696 740,111,Alississippi Central_ February _ 80.326 66,804

.•i ashy Chatt & St L February _ 1,100,271 989,026

iiMo Kan & Texas_ 3d wk Mar 593,122 473,716Missouri Pacific... 4th wkMar 1,559.000 1,369,000

at Rye of Mex_t_ 3d wk Mar 725,479 1,060,542,Nevada-Cal-Oregon 3d wk Mar 5,805 7,1470 Great Northern February _ 156,634 126,8120 Mobile & Chic. January __ 198.594 163,446Y 0 & Hud Ely_ February 8.251.340 7,528,076Lake Shore & M S February 4,638,643 3,965,558

' n Lake Erie & W. February 462,521 438.801Chic Ind & South February 352,609 372,105

; Michigan Central February 2,681.351 2,311,431•'Cleve 0 0 & St L February 2,656,524 .2424,027

aorta & Eastern February 292,992 262,507incin”ati North February _ 99,451 100,542

Pitts & Lake Erie February .. 1,455,626 1,257,911Y Chic & St L. February 1,027.650 913,835ol dc Ohio Cent_ February 395,671 380,817

Tot all lines w)oye February 22316381 19955610V YNH& Hartf February 4,953,554 4,848.962

CurrentYear.

2,661,6961,296,7251,609,7301,663.443

79,974,5522.182,604

23,594,0401.097,436828.923

68,216,2121,203,2862,016,6605,860,522695,230

32,886.1198,211,9711,636.446

16,837,60010391848410,478,33719,531,0522.484,4432.503.732

25.835,21611.006.54658.336,84610,299.6355,038,877

64.350.302

PreviousYear

2,620,9541,188,5561,596,2441,686,639

71,882,0962,232,275

21,599,8191,139.119864,578

60,295.1201,024,0102,255.4795,397,390485,986

30,676,3877,265,4511,655,62614,338 90089.216.05510.511.82917,946.0762,285.4852.431,265

24,417,72010,697,15552,479,7739.422,1634.718,34453,002,516

58,808,20011,879,8381,200,0637,088,5441,361.111

11,213,590161,533283,300

2,874,42216,333,15427,485.17718,258.7334,137,140745,426

1,049.925880,557

4.755,0952,401.0577,739,1835,731.914

42,261.58418,732

2,419,685657.576

2,085,81439,599.2125,269,8991,800,7181,749,644

53,282,3181,379,8275.207.39443,953,5188.618,7056,228,6762,200.7927,210.763

29.010,624960,536

43,453,658110,143

7,553,739337,218

6,050,700611,819

7,523,418

14,618,8467,222,365693,954

24,392.38747,555,005' 8,869.95944,450,664

301,0271,145,8251,479,370

76,542,55838,755,4304,129,3682,959,74523,257,09623,403,9462,507,515998,198

13.149,5628,644,2903.763,34219811115746,277,229

51,805,94910,396,8891,136,1616,753,5011,315,999

10,664,745127,528205,611

2,318,51314,635.47524,760,96517,005,8168,588,027785,315

1,062.836866.760

4,644,7002,250,2705,708.4554,939,039

38.627,16217,549

1,993,265629,897

2,341,91535,200,4664,787.3671,650,2241,499,029

44.746.7571,332,8595,023,473

39,488,5287,809,0946,221,2072.158,2616,297,22225,667.257

806,36540,971,007

115,7637.137,284290,626

5.864,700553,650

5,831.915

11,306,7926,198,932591,255

21,370,38741.449,5308,046,73845,522,632

249,2231,092,0691,125,872

70,821,54133,429,3883,761,2182,650,054

20,805,40920,674.7202,147,467900,749

10,862,0387.663,7323.608.71117732502442,695,568

ROADS.

Latest Gross Earnings. July 1 to Latest Date.

Week orMonth.

CurrentYear.

PreviousYear.

CurrentYear.

PreviousYear.

N Y Ont & West__N Y Susq & West__Norfolk Southern_ _Norfolk & Western..Northern Pacific___Northwestern PacPacific Coast Co...Pennsylvania RE...

Bait Ches & Ati_Cumberland VailLong Island Maryl'd Del & VaN Y Phila dc NorfNorthern CentralPhll Bait & WashW Jersey & Seash

Pennsylvania Co....Grand Rap & IndPitts 00 & St L.Vandalla Total Lines__East Pitts &West Pitts &

All East &WestPere Marquette __ _Reading Co-

Phila & Reading_Coal & Iron Co..Total both Cos_

Rich Fred & PotomRio Grande June_ Rio Grande South...Rock Island Lines Rutland St Jos & Or Island_St L Iron Mtn & SoSt L Rocky Mt & PSt Louis & San Franf Chic & East Ili_Total all lines...

St Louis Southwest_San Pad L A & S L_Seaboard Air Line_Southern Pacific....Southern Railway.._Mobile &Cin N 0 & Tex P..Ala Great South_Georgia So & Fla.

Spok Port & SeattleTenn Ala dr GeorgiaTennessee Central_Texas & Pacific_ _ _Tidewater & West_Toledo Poor & WestToledo St L & WestUnion Pacific Syst_Virginia & So West_Virginian Wabash Western Maryland_Wheel & Lake Erie_Wrightsv & TennilleYazoo & Miss Vail.

February..F bruary3d wk MarJanuaryFebruary -February -JanuaryFebruary _February -FebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruaryFebruary..

February..February..February -February -

669,695298,46575,816

3,823,5724,611,326230,605542,639

1371846214,735

287,502677.147

8.634267.813

1,012,9951,507,012340,588

4,327.191382,846

3.432.218870.712

188889019,122,460277893611.244,568

February 4,040,873February 2,887.265February 6,928,138February 241,684January __ 76,1893d wk Mar 10,772February - 5,196,444February _ 239,248January - 117.180February _ 2.691,744February _ 200,608February _ 3,464,211February _ 1,330,419February 4,794,6314th wkMar 323,000February _ 797,5693d wk Mar 547,053February - 10453 5433d wk Mar 1,332,3063d wk Mar 234,6443d wk Mar 209,9803d wk Mar 93.9113d wk Mar 53,246January __ 496,6133d wk Afar 2,865February _ 130,7913d wk Mar 815.262February _ 8,3153d wk Mar 25,1253d wk Mar 84,376February -6,474,882February _ 145,116February 573,197February _ 2,260,062January _ 649,141February _ 538,281February _ 26,188February _ t8,936

Various Fiscal Years.

727,068295.21669,229

2,938.2644.252,927206,677530,849

1317173812,082

226,617645.043

4,958244,152

1,003,6361.464,505348,039

3,936,097375,034

3,187,833837,247

178625008.434,006262965061,048,236

3.682,8144.031,4627,714,276224,32867,2616,250

5,033.614227,624118,448

2.581.683183,987

3,387,5901,216,7254,604,316283,000742,169522,706

9,992,7571,175,969232,939174,14283.79550.029298,294

1,964109,202304.043

7,16623,16984,781

6,198,320139,240397,844

2,031,013523,314577,13829,470

783,864

6,425,1822,482.6502,517,226

25,962,50849,567,3812,497,3534,790,01212098'7632

218,9142,324,7597,673,259110,135

2,411,5898,895,56613.919,8984.404.710

44,820,2413,753,241

30,612,2927.749.816

17127304587,921,99725919504311,909.609

34,921,29729,664.14464,585,4411,850,722742,091478,691

48,816.1172.503,742979.379

23,301.3871,488,747

31,466,30311,098,70142,565,00510,316,5136,818,16317.645.85396,871.34550,177,3008,842,2877,701,4113.766,9101,876,6443,297.418

94,4911,114,839

13,593,12970,212

1,020,2413.122,240

64,793.3891,189,3824,046,47921,565,0264,441,4365,481,344212,055

7,484,190

8,153,5852,617,2272,254,65822,923,83542,651,3702,393,0684,605,637108113859

189.8981,958,1447.145,757

95,0312.197,4158,497,29912,696,1524,328,007

37.232,3953,420,487

26,890.9736,886,568

15436073175,314,26122967499211,299,160

30,728,09226,097,65656,825,7481,501,170629,402366,683

43,873,0242.306,266961,614

20,509,1391,318,474

28.922,08810,598,15839,520,2479,280,3095,815,31016.485,51789,067,27346,134,6078,344,3506,921,1243,435,9261,801,8792,919,989

76,7621,009,24112,916.212

64,617944,948

2,884.54759,024,4031,156,1743,198,39819,373.8994,186,8475.135,899245,574

6,867,684

Period.CurrentYear.

Delaware & Hudson JanN Y Central & Hudson River_e_ JanLake Shore & Michigan SouthJan

Chicago Indiana & Southern.' JanLake Erie & Western_n Jan

Michigan Central JanCleve Cin Chic & St Louis...... Peoria& Eastern Cincinnati Northern Pittsburgh & Lake Erie New York Chicago & St LouisToledo & Ohio Central Total all lines

Pennsylvania Railroad Baltimore Chesap & Atlantic..Cumberland Valley Long Island Maryland Delaw & Virginia_N Y Philadelphia & Norfolk Northern Central Philadelphia Bait & Wash..-West Jersey & Seashore

Pennsylvania Company Grand Rapids & Indiana_ _ _ _Pitts Clncln Chic & St Louis.Vandalia Total lines-East Pitts & Erie

-West Pitts& Erie-All lines E & W_

Rio Grande Junction Rutland

JanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanJanDecJan

111111111111111111111111111111

totototototototototototototototototototot0totototototototototo

FebFebFebFebFebFebFebFebFebFebFebFebFobFebFebFebFebFebFebFebFebFeb •FebFebFebFebFebFebFebJanFeb

28282828282828282828282828282828282828282828282828282828283128

4,025,09417,298,2639,517,735943,300749,718

5,582,7355,384,524584,097196,303

3,057,8802,145.326819.379

46,279,26728.410,150

29,080567,704

1,404,669• 17,501541,544

2,061,4533,142.453700,291

9,3(39,539813,688

7,266,5901,820,815

38,685,13119,501,93858,187,070

170,055508,507

PreviousYear.

33,501,57815,601,7797,813,434884,566700,290

4,700,3334,668,691493,460192,757

2,490.7731.797,529778,337

40,161,94925,952,128

21,608458,098

1,311,4009,776

469,4071.959,2342,901,246667,726

7,822,603733,983

6,392,6581,686,236

35,277,54916,837,73552,115,285

145,036463,381

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.

• Weekly Summaries.CiirrentYear.

PreviousYear.

rgd week Jan (40 roads)........ 12,631,763 10,981.115ad week Jan 40 roads)...... 13.572,942 11,616,351

idth week Jan 36 roads)..... 19.776.977 17,986,901st week Feb 38 roads)....... 12,305.913 11.735,576

week Feb 40 roads)..... 13,540,006 13,143,890A week Feb 40 roads).___ 14,066.724 13,205,501th week Feb 40 roads)...... 15,306,958 14,764,047st week Mar 36 roads)_... 12,792,883 12,094,60094 week Mar (39 ---- 14,205,350 13,181,128Ild week Mar (39 roads)....... 13.777,91 13,159,330

Increase orDecrease.

$ $ $+1,650,648 15.03 2 67+1,956,591 16.84 8.38+1.790,076 9.96 10.34+570,337 4.84 10.30+396,116 2.99 7.83+861,223 6' 52 13.64+542.911 3.68 13.07

+1,024,222 7.77 ail+698,283 5.77

+618.584 4.7 5. e' a Mexican currency. b Does not Include earnings of Colorado Springs& Cripple Creek District Railway from Nov. 1 1911. 6 Includes the Bos.

_ _ •_ _

Vsi& Albany. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa SG Now York Hallway, the latter of which, being a Canadianroad, does not make return.s to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & IndianaRR. a In.eludes the Cleveland Lorain & Wheeling Ry. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Ft. Dodge and?Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Includes41as Texas Central In both years and the Wichita Falls Lines in 1912, beginning Nov. 1. v Includes not only operating revenues, but also all °the,vicants. x Included $t. Louis A= goutatu 45 10.10herp,

Monthly Summarie:.CurrentYear.

PreviousYear.

Therms( •-rD.?,TJUSe.

((neaps. Cur. Yr. Prey. Yr.May 235,410 231.597June 235,385 230,894July 230,712 227.194August 239,230 235.404September-237,591 235.140October ........237,217 233,545November_237,376 233,305December -.238.072 234,146January -235,607 232,179February.-- 88.333 86.054

S232,229,364243,226,498245.595,532276.927.416272,209.629293,738.091276,430,016263.768,603246,663,73765.275.208

S226,184,686228,647,383222,587.872251,0137,032252,318.597258.473.408244.461,845234,087,361208,535,06061,834,

s+6,044,698+14,579,115+23,007,660+25,860.384+19,891.032+35,264,683+31,968,171+29,681,242+38,128,677

_ .440,529



Latest Gross Earnings by Weeks.-For the third weekof March our final statement covers 39 roads and shows4.70% increase in the aggregate over the same week lastyear.

Third week of March. 1913. 1 1912. Increase. Decrease.

Previously reported (23 roads).Alabama Great Southern Ann Arbor Chicago Great Western Chicago Ind & Louisville Cinc New On & Texas Pacific Georgia Southern & Florida Louisville & Nashville Minneapolis & St Louis 1Iowa Central

Nevada-California-Oregon Norfolk Southern Rio Grande Southern Seaboard Air Line Tenn Alabama & Georgia Toledo Peoria & Western Toledo St Louis & Western

Total (39 roads) Net increase (4.70%)

10,921,12010,398,85393,91142,661284,562124,367209,98053,246

1,101,465193,790

5,80575,81610,772

547,0532,865

25,12585,376

83,79544,043265,849120,611174,14250,029

1,140,520 166,242

7,14769,2296,250

522,7061,964

23,16984,781

917,38910,116

18,7133,756

35,8383,217

27,548

6,5874,52224,347

9011,956595

395,122

1,382

39,055

1,342

13,777,914 13,159,330 1,055,485 618,584

436,901---_

Net Earnings Monthly to Latest Dates.-The tablefollowing shows the gross and net earnings of STEAM rail-roads and industrial companies reported this week:

-Gross Earnings- -Net Earnings-Current Previous Current Previous

Year .Year.Roads. Year.

Atlantic Coast Line_a__Feb 3,360,451July 1 to Feb 28 23,594,040

Boston & Maine_b Feb 3,496,715July 1 to Feb 28 32,886,120

Brazil By Feb £222,733Jan 1 to Feb 28 .C446,933

Canadian Pacifica Feb 9.747,685July 1 to Feb 28 92,953,484

Chicago Great West_b__Feb 1,070,607 267,291July 1 to Feb 28 9,455,444 2,697,952

Chicago Ind & Louisv___Feb 485,324 93,377July 1 to Feb 28 4,657,596 1,355,888

Chic Milw & St Paul (includChic Milw & Pu Sd)b_Feb 6,564,392 6,046,506 1,196,761

July 1 to Feb 28 64,350,302 53,002,516 23,473,469Cornwall-b Feb 19.626

July 1 to Feb 28 161,533

Year.

3,046,518 1,220,414 987,44921,599,819 6,516,985 6,312,9673,339,112 388,868 674,993

30,673,388 7,400,125 7,236,162£219,195 187,533 £101,540£444,419 £189,800 £210,3488,931,907 2,520,069 2,383,867

78,827,055 31,313,595 27,936,9731,001,4008,624,660493,349

4,351,093

149,3552,059,094103,600

1,286,326

1,244,65314,861,970

14,875 11,063 7,395127,528 93,897 65.535

Cuba RR Feb 465,147 367,376 229,474July 1 to Feb 28 2,874,422 2,318,513 1,304,676

Delaware & IIudson_b__Feb 1,944.913 1,804,389Jan 1 to Feb 28 4,025,094 3,501,558

Duluth So Shore & Atl_b Feb 237,387 223,763July 1 to Feb 28 2,217,352 2,083,077

El Paso & Southwest_ b_Feb 743,916 668,588July 1 to Feb 28 5,731,914 4,939,039

Erie..a Feb 4,606,883 4,391,671July 1 to Feb 28 42,261,584 38,627,162

Georgia RR_ b Feb 255,814 292,706uly 1 to Feb 28 2,085,814 2,341,915

Hocking Valley_ b Feb 497,615 570,431July 1 to Feb 28 5,207,394 5,023,473

Kansas City & Mem____Feb 4,252 4,516July 1 to Feb 28 46,696 36,760

Louisville & Nashville_ b_Feb 4,797,818 4,687,043July 1 to Feb 28 39,941,712 37,545,727

Mineral Range_ b Feb 66,738 67,370 1,097 10,240July 1 to Feb 28 569,018 504,014 111,600 85,055

183,4681,060.036

753,248 632,2211,577,953 1,189,257

35,354 37,972458,959 559,136285,318 271,488

2,455,780 1,967,558970,895 833,704

10,992,464 9,966,70458.167 55,358239,596 659,795136,872 204,585

1,904,390 1,911,008

Minn & St Louis a Feb 761,175 585,729July 1 to Feb 28 6,739,971 5,308,003

1,46220,850

1,142,20411,043,327

1,36610,877

1,414,49511,848,948

h200,006 h61,868h1,899,523 h916,176

Minn St P & S S M_a-__Feb 1,344,456 1,052,287 313,321July 1 to Feb 28 14,618,846 11,306,792 6,006,525

Chicago Division_a___Feb 837,696 740.111 205,790July 1 to Feb 28 7,222,365 6,198,932 2,247,784

Mississippi Central_ b___Feb 80,326 66,804July 1 to Feb 28 693,954 591,255

Missouri Kan & Tex_ b__Feb 2,509,160 2,184,488 _f 585,848July 1 to Feb 28 22,790,995 19,995,405 17,589,231

Missouri Pacific_ b Feb 4,682,000 4,413,330 1,320,000July 1 to Feb 28 42,655,345 37,160,281 11,658,760

Nash Chatt & St L_ b_ _Feb 1,100,271 989,026 233,020Jan 1 to Feb 28 8,869,959 8,046,738 2,006,303

Nevada-Cal-Oregon_ b _ _Jan 20.533 17,078July 1 to Jan 31 262,786 207,398

NY Cent & Bud Riv_b_Feb 8,251,340 7.528,076 1,690,359Jan 1 to Feb 28 17,298,263 15,661,779 3,852,950

228,4854,376,136175,421

1,616,97029,446 24,250

287,545 235,6211482,018

15,274,1771,335,2628,439,954241,371

1,896,292def.682 def.2,06584.487 59.269

1.075,1682,681,826

Lake Shore & M S_b__Feb 4,638,643 3,965,558 1,351,924 1,199,475Jan 1 to Feb 28 9,517,735 7,813,434 2,962,725 2,244,798

Lake Erie & Western b Fob 464,521 438,801 81,261 79,786Jan 1 to Feb 28 943,300 864,566 163,451 130,771

Chic Ind & Southern b Feb 352,609 372,105 57,272 71,839Jan 1 to Feb 28 749.718 700,290 150,165 93,385

Michigan Central_b__Feb 2,681,351 2,311,431 567,186 527,234Jan 1 to Feb 28 5.582.736 4,700,333 1,268,041 1,111,307

Cloy Cin Chic & StL b Feb 2,656,524 2,424,027 520,902 443,519Jan 1 to Feb 28 5,384,524 4,668,691 990.347 683,863

Peoria & Eastern_ b___Feb 292,992 262,507 61,776 63,109Jan 1 to Feb 28 584,097 493,460 118,360 92,516

Cincinnati North_ b _ _ _Feb 99,451 100,542Jan 1 to Feb 28 196,309 192,757 def.9: R18 3gUIS

Pittsb & Lake Erie_ b_Feb 1,455,626 1,257,911 652,655 560,349Jan 1 to Feb 28 3,057,880 2,490,773 1,393,363 1,058,966

NY Chic & St L_b_ __Feb 1,027,650 913835 188,961 186,968Jan 1 to Feb 28 2,145,326 1,797,529 454,011 340,553

Toledo & Ohio Cent_ b Feb 395.671 380,817Jan 1 to Feb 28 819,379 778,337

Total all lines- b Feb 22,316,381 19,955,610 5,255,568Jan 1 to Feb 28 46,279,267 40,161,949 11,496,039

N Y Ontario & West_a_ _Feb 669,695 727,068 149,774July 1 to Feb 28 6,425,182 6,153,585 1,925,102

N Y Susq & West_a____Feb 298.465 295,216July 1 to Feb 28 2,482.650 2,617,227

Northern Pacific_b Feb 4,611,326 4,252,927 1,374.934July 1 to Feb 28 49.567,381 42,651,370 20,373,534

Pennsylvania RR _a Feb13,718,462 13.171,738 2,315,492Jan 1 to Feb 28 28,410,150 25,952,128 4,790,531

Bait Ches & Atl__a_ __Feb 14,735Jan 1 to Feb 28 29,080

Cumberland Vall_a___Feb 287,502Jan 1 to Feb 28 567,704

79,747 66,472152,506 145,976

4,270,7738,576,935156,876

1,533,60558,992 76,148581,867 818,834

1,492,73817,518,3492,481,4654,217,311

12.082 def.2,761 def.3,94121,608 def.5,620 def.8,810

226,617 74,418 49,241458,098 152,379 97,078

Roads.

Pennsylvania (Con.)-Long Island_a Feb 677,147Jan 1 to Feb 28 1,404.669

Maryland Del & Va_a_FebJan 1 to Feb 28

-Gross Earnings- -Net Earnings-Current Previous Currnet PreviousYear. Year. Year. Year.$

8,63417.501

645,043 def.38,2721,311,400 def.54,790

4,958 def.3,1469,776 def.7,440

N Y Phi% & Nolfolk a Feb 267,813 244.152 39,170Jan 1 to Feb 28 541.544 469,407 77,475

Northern Central_a_..Feb 1,012.995Jan 1 to Feb 28 2.061.453

Phila. Bait & Wash_a_Feb 1,507,012Jan 1 to Feb 28 3,142,453

1.003,636 20,9641,959,234 28,9331.464,505 110,0342,901,246 276,679

def.41.118def.69,517def.3,599def.7.465

47,56573.8648,471

def.56,852162,006275,239

West Jersey & Sea_a_Feb 340,588 348,039 def.39,924 def.39,639Jan 1 to Feb 28 700.291 667.726 def.101 .204 def.155,341

Pennsylvania Co_a Feb 4,327,191 3.936.097 281,619 478.129Jan 1 to Feb 28 9,369.539 7.822.603 1,036,465 989,676

Grand Rapids & Ind a FebJan 1 to Feb 28

382,846 375.034 def.1.914 13,179813.688 733.983 37,963 2,741

Pitts Cin Chic & StL a Feb 3,432.218 3.187,833 508.552 626.362Jan 1 to Feb 28 7.266.590 6.392.658 1,196,789 1,235.428

Vandalia-a Feb 870.712 837,247 129,786 157,796Jan 1 to Feb 28 1.820,815 1.686,236 301,091 306,820

Total East of P & E_a_Feb18,666.901 17,862,500 2,409,240Jan 1 to Feb 28 38.685,131 35,277,549 5,104,240

Total West of P&E_a_Feb 9,122.460 8,434,006 933.021Jan 1 to Feb 28 19,501.938 16.837,735 2,611.765

Total all lines_a Feb27,789.361 26,296.506 3,342,261Jan 1 to Feb 28 58.187.070 52,115,285 7,716.005

Pere Marquette_a Feb 1.244,568 1,048,236 195,642July 1 to Feb 28 11,909.609 11,299,160 2,280,247

Rock Island Lines_ b____Feb 5,196,444 5,033,614 983,158 1,122,458July 1 to Feb 28 48.816,117 43,873,024 13,051,131 11,583,086

Rich Fred & Potomac__Feb 241,684 224,328 101,922 86,693July 1 to Feb 28 1,850,722 1,591,170 688,965 561,224

Rutland_b Feb 239,248 227,624 27,889 28,851Jan 1 to Feb 28 508,507 463,381 62.749 56,525

St Louis Iron Mt & So a_Feb 2,691,744 2,581,663 908,820 872,420July 1 to Feb 28 23,301,387 20,509,139 6,972,253 5,805,214

St L Rocky Mt & Pac_a_Feb 200.606 183,987 60,491 56,195July 1 to Feb 28 1,488,747 1,318,474 404,778 428.725

St Louis & San Fran_bFeb 3,464,211 3,387,590 1,160,313 1,041,199July 1 to Feb 28 31,466,303 28,922.088 10,821,235 9,556,138

Chic & East Ill_b____Feb 1,330.419 1,216,725 314,829 206.317July 1 to Feb 28 11,098,701 10,598,158 2,805,635 2,927,848

Total all lines_b Feb 4,794,631 4,604,315 1,475,142 1,247,515July 1 to Feb 28 42,565.005 39,520,247 13,626,869 12,483,985

St Louis Southwest_a__Feb 1,040,084 1.008,160 292,658 256,108July 1 to Feb 28 9.260.513 8,307.309 2,842,748 2,535,918

Seaboard Air Line_a_Feb 2.161,398 1.970,456 626,950 514,459July 1 to Feb 28 15.981.179 14,931,616 4.205,147 3,698,690

Southern Railway-Mobile & Ohio_b____Feb 978.824 908,593 226,113 221.465July 1 to Feb 28 8,167.992 7,671,788 2,209,720 2,128,726

Cin N 0 & Tex Pac_b_Feb 948,749 781,081 363,541 229,999July 1 to Feb 28 7,061.049 6,399,464 2,486,162 2,220,958

Alabama Great Sou_b_Feb 420.799 385,305 111,922 110,097July 1 to Feb 28 3,489,949 3,182,656 1,047,970 983,244

Georgia Sou & Fla_b__Feb 225,233 210,536 57,985 51,645July 1 to Feb 28___, 1,716,807 1,651,800 363,915 410,556

'rexas & Pacific_ b ' Feb 1,324,284 1,371,944 190,552 157,674July 1 to Feb 28 12,719,661 12,042,255 2,830,500 3,562,296

Tidewater & Western_ b_Feb 8,315 7,166 1,328 762July 1 to Feb 28 70,212 64,617 10,965 9,244

'Poi St L & Western_a__Feb 360,835 283,437 s107,855 347,721July 1 to Feb 28 2,864.060 2,643,597 s835,539 s613,540

INDUSTRIAL COMPANIES.-Gross Earnings- -Net Earnings-

Current Previous Current PreviousCompanies. Year. Year. Year. Year.

$ $ $ $

2,578,2214,217,6181,298,2052.577,1373,876,4266,794,755def135,5271.833,247

Abington & Rockland ElecLight & Power_a-__ _Feb 10.958 9,516 2,963 1,958Jan 1 to Feb 28 22,940 19,786 4,805 3.776

Atlantic City Electric___Feb 32.170 30.596 13.304 13,001Jan 1 to Feb 28 66,345 61,400 27,734 28.006

Atl Gulf & W I SS Lines-Subsidiary cos Jan 1,621.214 1,424,532 298,908 139.877

Blackstone Val G & E_a_Feb 110,599 100,914 45.631 27,717Jan 1 to Feb 28 234.475 213,488 101,352 62,556

Canton Electric Feb 33,983 30,495 17,779 15,873Edison El (Brockton)_a_Feb 39,659 34,076 16,880 14.484

Jan 1 to Feb 28 81,866 69,651 34.023 29,294Fall River Gas 'Works_a_Feb 38,639 35.211 13.009 9,823

Jan 1 to Feb 28 81,936 78,202 28,837 24.182lIoughton Co Elm Lt-a-Feb 28.282 28,494 14,120 15,418

Jan 1 to Feb 28 59,647 60,003 30.006 32,401Lowell Elec Lt Corp_a__Feb 38,987 35,143 16.092 13,426

Jan 1 to Feb 28 82.088 71,912 33.207 26,275Muncie Elec Light Feb 39.886 32,044 15,675 13,706

Jan 1 to Feb 28 81.659 65,869 33.353 27,835Rockford Electric Feb 40.269 37,722 20,942 17,274

Jan 1 to Feb 28 85,055 77.544 45.560 37,083Scranton Electric Feb 73.984 70,887 46,043 39,206

Jan 1 to Feb 28 156,593 147.603 99,603 82,545Sierra Pacific Elec_a___Feb 55.087 49,926 36,444 32,252

Jan 1 to Feb 28 110.607 102,273 65,221 62,876•

Wheeling Electric Feb 24.632 22.396 11,624 11,741Jan 1 to Feb 28 54;223 45,259 27.226 24,005

a Net earnings here given are after deducting taxes.b Net earnings here given are before deducting taxes.f After allowing for outside operations and taxes, operating income for

Feb. 1913 was $476,309, against $398,880; from July 1 to Feb. 28 was$6.676,856 in 1913, against $4,545.348 last year.

g These results are in Mexican currency.h After allowing for miscellaneous charges and credits to income for the

month of February 1913, total net earnings were $211,994. against $42.967last year. and for period from July 1 to Feb. 28 were $1,886,881 this year,against $909,254.s After allowing for miscellaneous charges to income for the month of

February 1913, total net earnings were $97,336, against $38,771 last year,and for the period from July 1 to Feb. 28 were $748,903 ths year. against$504,040.

Interest Charges and Surplus.-Int., Rentals, &c.- -Bat. of Net Earns.-

Current Previous Current PreviousYear. Year. Year. Year.$ $ $ $

Chicago Great Western_Feb 204,690 242,005 273.890 xdef.82.402July 1 to Feb 28 1,760.889 1,832,725 z1,007,223 z315,651

Cuba Railroad.. Feb 66.792 65.125 162,682 118,34July 1 to Feb:I28 534.056 491,000 770.620 569,03

Roads.


1012 THE CHRONICLE [VOL. xavi.

-Int., Rentals, &c.- -Bat, of Net Earns.-Current Previous Current Previous

Roads. Year. Year. Year. Year.$ $ $ $

Dul So Sh & Atlantic_ _ _Feb 106,984 95,601 zdef70,505 zdef57,092July 1 to Feb 28 833,511 767,572zdef352.728xdol178,606

Georgia Railroad Feb 61,341 69,402 z5,429 zdef4,550July 1 to Feb 28 499,205 514,025zdef183,887 x222,586

Mineral Range FebJuly 1 to Feb 28

14,575 12,869 zdef13,324 zdef2,481103,438 98,551 x11,020 zdef7,521

Missouri Pacific Feb 1,473,000 1,445,272 x7,000 x46,195July 1 to Feb 28 12,067,604 11.445,227 x1,002,369xdf1670,439

Nevada-Cal-Oregon------Jan 8,075 15.032 zdef8,446 zdef16,125July 1 to Jan 31 49,538 46,558 x38,317 z15,619

N Y Ontario & West...._ _Feb 125,527July 1 to Feb 28 958,367

St Louis Iron Mt & So.. Feb 625,404July 1 to Feb 28 5,108,990

St L Rocky Mt & Pac__ _Feb 32,158July 1 to Feb 28 259,159

St Louis Southwestern_ _Feb 232,228July 1 to Feb 28 1,827,797

Companies.

105,367 24,247 51,509890,783 966,735 C42,822591,109 x304,057 x336,471

4,805,473 x2,095,717 x1,245,26930,938 28,333 25,257

252.899 145,619 175.826198,419 z168,437 x124,479

1,583,936 x1,631.554 z1,496.979INDUSTRIAL COMPANIES.

-Int., Rentals, &c.-Current PreviousYear. Year.

Abington & Rockland ElecLight & Power Feb 293 188Jan 1 to Feb 28 665 375

Atlantic City Electric_ __Feb 8,831 8,800lito Jan 1 to Feb 28 17,383 16,403Atl Gulf & W 185 Lines-

Subsidiary Companies_Jan 146,198 126,966Blackstone Val 0 & EL _Feb 16,067 8,879

Jan 1 to Feb 28 31,436 17,685Canton Electric Feb 4,699 4,756Edison Elec (Brockton)_Feb 2,240 1,970

Jan 1 to Feb 28 4,570 3,964Fall River Gas Works__ _Feb 711 648

Jan 1 to Feb 28 1,596 1,132Houghton Co Elec Lt _ _ _Feb 3.508 3,508

Jan 1 to Feb 28 7,016 7,016Lowell Elec Light Corp_Feb 271 1,524

Jan 1 to Feb 28 543 3,034Muncie Electric Light_ _Feb 7.006 6,333

Jan 1 to Feb 29 14,028 12,631Rockford Electric Feb 7,898 7,842

Jan 1 to Feb 28 15.823 15,684Scranton Electric Feb 13,816 11,555

Jan 1 to Feb 28 27,660 24,144Sierra Pacific Electric_ __Feb 5.712 5,425

Jan 1 to Feb 28 11,590 10,867Wheeling Electric Feb 5,770 3,289

Jan 1 to Feb 28 11,540 6,577x After allowing for other income received.

EXPRESS COMPANIES. December -July 1 to Dec. 31-

1912. 1911. 1912. 1911.American Express Co.- $ $ $ $

Gross receipts from operation 4,873,870 4,088,954 25,807,370 22,516,061Express privileges-Dr 2,282,879 1,894,117 12,213,507 10,480,159

-Bat. of Net Earns.-Current PrveiousYear. Year.

2,6704,140

1,7703,401

4,473 4,20110,351 11,603

152,71029,56469,91613,08014,64029,45312,29827,24110,61222,99015,82132,6648,66919,32513,04429,73732,22771,94330,73253,6315,854

15,686

12,91118,83844 ,87111,11712,51425,3309,27723,05011,91025,38511,90223,2417,37315,2049,432

21,39927,65158,40126,82752,0098,45217,438

Total operating revenues.. 2,590,990 2,194,836 13.593,862 12,034,901Total operating expenses.. _ __ 2,184,355 1,809,135 111,924,94110,127,423

Not operating revenue__ _ 406,635One-twelfth of annual taxes_ 34,712

Operating income

Canadian Express Co.-Gross receipts from operationExpress privileges-Dr

385,701 1,668,921 1,907.47832,855 193,983 190,688

371,923 352,845 1,474,937 1,716,789 January- -July 1 to Jan. 31-1913. 1912. 1913-12. 1912-11.

62,345 42,768 576,534 348,13423,946 16,507 224,855 134,985

Total operating revenues.. 38,399Total operating expenses.. _ _ _ 28,836

Net operating revenue_ _ _ _ 9.562One-twelfth of annual taxes.. 578

Operating income

Globe Express Co.-Gross receipts from operationExpress privileges-Dr

Total operating revenues_Total operating expenses_ _ _ _

26,261 351,67816,064 211,524

10,197 140,153498 3,236

8,984 9,699December

1912. 1911.

76,236 68,36838.057 34.153

38,17831.916

Net operating revenues.. _ _ 6,262One-twelfth of annual taxes_ 850

213,147113,972

99.1761,811

136,917 97.365July 1 to Dec. 31-1912. 1911.

494,814 432,713245,516 215,746

34,215 249,297 216.96732,035 195,018 189,032

2,179 54,279800 4,900

27,9354,800

Operating income 5,412 1,379 49,379 23,135-Month of December- -July 1 to Dec. 31-

1912. 1911. 1912. 1911.Northern Express Co.- $ $ $ $

Gross receipts from oper 301,862 261,947 1,828,528 1,597,955Express privileges-Dr 162,014 141,703 981,148 862,648

Total operating revenues...._ 139,848 735,307Total operating expenses._ 99,305 546,534

Net operating revenue 40,542 188,772One-twelfth of annual taxes.. 4,500 27.000

Operating income -Month of December-

1912. 1911.

Gross receipts from oper____ 1,938.612 1,71,746Southern Express Co.-

Express privileges-Dr 939,445 814,220

Total operating revenues _Total operating expenses_ _ _

Net operating revenue.. __ _One-twelfth of annual taxes..

999,166714,376

284,79014,988

120,243 847,37992,476 680,216

27,767 267,1634,500 27 000

36,042 23,267 240,163 161,771--July 1 to Dec. 31-

1912. 1911.

8,231,217 7,642,0514,033.214 3,614,265

939,526 4,198,002 4,027,786627,533 3,390,868 3,103,226

311,993 807,13414,939 81,914

924,55989,229

Operating income 269,802 297,053 725,219 835,329-November-- -July 1 to Nov. 30-

1912. 1911. 1912. 1911.Hells, Fargo & Co.-$ $ $

Gross receipts from operation 3,198,905 2,809.818 15.389,102 10,599,370Express privileges-Dr 1,532,248 1,352,840 7,407,687 4.991,369

Total operating revenues.. 1,667,657Total operating expenses..___ 1,438,061

Net operating revenue_ _ _ _ 229,595Ono-twelfth of annual taxes_ 30,000

Operating income

1,456,977 7,981,414 5,608.0001,226,686 6.759,307 4,547.642

230,291 1,227,107 1,060.35724,744 150,000 81,901

199,595 205,54611,072,107 978,456

-Month of1912.

Western Express Co.-Gross receipts from °per_ _ _ 125,227Express privileges-Dr 65,328

October- -July 1 to Oct. 31-1911. 1912. 1911.

99,806 494,547 387,60450,495 256,558 200,195

Total operating revenues.. 59,898 49,310 237,989 187,409Total operating expenses..___ 46,034 40,657 186,853 169,876

Net operating revenue_ _ _ _ 13,863 8,653 51,135 17,532One-tweifth of annual taxes_ 668 783 3,288 3,003

Operating income 13,195 7,870 47,847 14,528

ELECTRIC RAILWAY AND TRACTION COMPANIES.

Name ofRoad.

Latest Gross Earnings. Jan. 1 to latest date.

Week orMonth.

CurrentYear.

PreviousYear.

CurrentYear.

PreviouiYear.

American Rye Co__ _Atlantic Shore By:::c Aur Elgin & Chic RyBangor By & Elec CoBaton Rouge Elec CoBinghamton RailwayBrazilian Trac, 14 & PBrock & Plyrn St By..Bklyn Rap Tran SystCape Breton Elec ByCent Park N & E RivChattanooga By & LtCleve Painesv & EastClev Southw& ColumColumbus (Ga) El CoCommonw P By & LtConey Isl & Bklyn_ _ _Dallas Electric Corp_Detroit United By....DDEB& Bat (Rec)Duluth-Superior TracEast St Louis & Sub..El Paso Electric Cos..42d St M & St N AveGalv-Hous Elec Co__Grand Rapids By Co.Harrisburg RailwaysHonolulu Rapid Tran& Land Co

Havana Electric By..Houghton Co Tr Co..Hudson& ManhattanIllinois Traction Interboro Rap Tran_Jacksonville Trac CoLake Shore Elec By..Lehigh Valley TransitLewis Aug & Watery_Long Island Electric-Milw El Ry & Lt Co_Milw Lt, lit & Tr CoMonongahela Vail TrNashville By & Lt.. _ _N Y City Interboro N Y & Long 1st Trac_N Y & Queens Co New York Railways_Northam Easton & WNorth Ohio Trac & LtNorth Texas Elec CoDcean Electric (L I)..Paducah Tr & Lt Co_Pensacola Electric CoPhila Rapid Trans CoPort (Ore)Ry.L&PCo.Portland (Me) RR Heat & Power Co_

Puget 8d Trac. Lt Sr PRichmond Lt 86 RR_it Joseph(Mo)Ry,Lt,Heat & Power Co..

3antiago Elec Lt & Tr3avannah Electric Co3econd Ave (Rec) iouthern Boulevard_3taten Isl Midland rampa Electric Co rhird Avenue [`win City Rap Tran_Underground Elec By

of London-London Elect By....Metropolitan Dist_London Gen'l Bus_

Union By Co ofNYCU nionRyG&ECo(I11).United Rys of St L United R Rs of San FrWestchester Electric..Yonkers Railroad York Railways Youngstown & Ohio_irminfratnarn k Smith

3February _February _February _January __February _DecemberFebruary _February _DecemberFebruary _DecemberFebruary _January __February _February _February _DecemberFebruary _2d wk MarDecemberFebruary .February _February _DecemberFebruary _February _Ja.nuary __

DecemberWk-Mar 30February _DecemberFebruary _February _January __January __March -__February _DecemberJanuary....January __February _February _DecemberDecemberDecemberFebruary _January __February _February _DecemberFebruary _February _Februar- _February _February _February _January __December

January __February _February _DecemberDecemberDecemberFebruary _December3d wk Mar

Wk Mar 22Wk Mar 22Wk Mar 22DecemberFebruary _February _January__DecemberDecemberFebruary _February _January _ _

$367,11820,087123,38358,79311,83637,094

1821,7156,849

2005,53826,14144,82488,87828,09581,27745,690549,665111,529163,243220,50649,39386,030200,10075,298149,939158,77393,04973,788

52.33651,58322,111

339,203602,6012600,26049,823100,373109 98741,34915,411

521.21096,44965,748171,32246.23028,819104,6071046,502

13.841222,570142,784

5,42624,37222,506

1775,158530,07164,48795,736

701,64025,464

107.32337,05262,40382,92214.12318.46862,356334,501161,023

£13,170£12,615£52,186207,138383,131924,3686 97,31742,11760,10856,05817,18511.737

$350,00219,834

120,64053,44811,01833.785

1544,8026,883

1920,27423,69353,02876,65723,90177,41941,885

488,859103,190129,751178,16052,94083,647185,80981,644134,053136,44591,62770,269

48,12947,74121,970

315,467583,5502636,08349,87887,15391 74037,21314,070

482,92783,53256,086159,93933,73328,13198,959

1031,16711,503

198,209113,4884,25322,93023,015

1725,408518,92762,10091,701

720.78625,780

102,54130,79156,43977,2609,85318,02659,659316,629146,876

£14,245£12,328£39,271199.850293,554893,419671,39345,74657,03654,36917,15910.097

$772,88442,379263,96158,79325,262

425,0283,734,670

14,72224,353,298

57,976638,532184,51128,095

172,82096,213

1,167,7701,590,039234,088

2,471,188612,000179,386413,314106,219

1,808,674328,388197 03573,788

564,723681,08946,490

3,630,0601,256,3915,503,603

49,823100,373306,84886,301220,900521,21006,449134,384357,321466,743391,999

1,331,3182,207,315

13,841460,036299,831142,02051,03848,823

3,777,2251,083,669135,987203,059701,640375,374

107,32376.420129,786989,209153.243289,374130,513

3.845,5691,799,958

£175,240£158,472£648,5612,540,138802,891

1,921,563097.317579,925734,446115,90835,328,11.7371

$723,43839,954246,35653,44823,179.

386,6313,128,147

14,04623,233,599

52,020638.063157,66123,901156,98986,201

1,024,7651,409,273264,921

2,082,766617,034171,491376,845131,419

1,606,382282,451189.07570,269

500,276617,08044,095

3,044,7051,199,0855,470,218

49,87887,153258,18473,072209,256482,92783,532114,826326,074314,101389,108

1,253,9812,114,837

11,503407,598228,183124,10747,62345,276

3,533,8811,050,140125,700194,242720,786362,033

102,54164,841114,797937,466125,663279,730120,410

3,680,4091,690,803

£177,640452,352£464,3832.471,023607.276

1,825,814671,393801,798678.427111.85634,41710.097

c These figures are for consolidated company.

Electric Railway Net Earnings.-The followinggives the returns of ELECTRIC railway gross and netings reported this week:

-Gross Earnings-Current

Roads. Year.$

Baton Rouge Elect_ a _ _ _Feb 11,835Jan 1 to Feb 28 25,262

Brazilian Tract Lt & P_ _Feb 1,821,715Jan 1 to Feb 28 3,734,670

Brockton & Plyrnouth.a.Feb 6,849Jan 1 to Feb 28 14,722

Cape Breton Elect_ a_ _ _Feb 26,141Jan 1 to Feb 28 57,976

Chattanooga Ry & Lt_a Feb 88,878Jan 1 to Feb 28 184,511

Cleve Southw & Col_ b_ _Feb 81,277Jan 1 to Feb 28 172,820

Columbus (Ga) Elect_ a_Feb 45,690Jan 1 to Feb. 28 96,213

Com'Ith Pow By & Lt_a Feb 549,665Jan 1 to Feb 28 1,167,770

Consumers Pow (Mich)aFeb 265,840Jan 1 to Feb 28 664,389

Cumb Co (Me) P & L_ a Feb 157,616Jan 1 to Feb 28 330,203

Dallas Elect Corp_ a _ _ _ _Feb 163,243• Jan 1 to Feb 234,058

tableearn-

-Net Earnings-Previous CurrentCurrent PreviousYear. Year. Year.$ $ $11,018 4,758 5,05923,179 9,713 10,907

1,544,802 982,015 810,7383,128,147 1,995,498 1,639,351

6,883 94 91214,046 777 1,197

23,693 9,136 8,33752,020 23,211 19,16976,657 33,373 30,382157,661 69,765 63,29577,419 28,549 25,929156,989 60,813 52,70241,885 21,564 21,11186,201 44,572 41,848

488,859 254,577 203,4731,024,765 567,184 437,082226,494 139,288 107,560476,142 303,923 229,183146,889 02,925 48,215296,600 133,907 113,481129,761 69,414 47,436264,921 134,135 96.364



Roads.

-Gross Earnings- -Net Earnings-Current Previous Current PreviousYear. Year. Year. Year.

Detroit United_b Feb 899,683Jan 1 to Feb 28 1,884,291

East St L & Sub_a Feb 200,100Jan 1 to Feb 28 413,314

El Paso Elect_a Feb 75,298Jan 1 to Fob 28 156,219

Galv-Houston Elect _a_ _Feb 158,773jan 1 to Feb 28 328,388

Grand Rapids R y_a_ _ _ _Feb 93,049Jan 1 to Feb 28 197,035

Houghton Co Tract_a__Feb 22,111Jan 1 to Feb 28 46,490

Illinois Traction_a Feb 602,601Jan 1 to Feb 28 1,256,391

Lewis Aug & Wat a_ _ _ _Feb 41,349Jan 1 to Feb 28 86,301

Nashville By & Lt_a___Feb 171,322Jan 1 to Feb 28 357,321

N Y Railways_a Feb 1,046,502Jan 1 to Fob 28 2,207,315

North Ohio Tract & Lt.a.Feb 222,570Jan 1 to Feb 28 460,03fi

North Texas Elect_a_ _ _ _Feb 142,784Jan 1 to Feb 28 299,831

Paducah Tract & Lt _a_ _Feb 24,372Jan 1 to Feb 28 51,038

Pensacola Elect_a Feb 22,506Jan 1 to Feb 28 48,823

Portland (Me) RR_a_ __Feb 64,487Jan 1 to Feb 28 135,987

Portland (Ore)Illy L&P a Feb 530,071Jan 1 to Feb 28 1,083,669

St JOs Ry L H & P_a_ __Feb 95,736Jan 1 to Feb 28 203,059

Savannah Elect _a Feb 62.403Jan 1 to Feb 28 129,786

Tampa Elect-a Feb 62,356Jan 1 to Feb 28 130,513

Union By 0 & El (Ill) a Feb 383,131Jan 1 to Feb 28 802,891

United Rys of St L_a_ __Feb 924,368Jan 1 to Feb 28 1,921,563

a Net earnings here given are after deducting tuxes.

b Net earnings here given are before deducting taxes.

774,729 276,164 249,5911,598,015 582,996 527,053

185,809 82,268 79,783376,845 172,984 162,865

61,644 39,228 29,386131,419 78,307 63,542

136,445 59,619 48,089282,452 124,110 103,360

91,627 37,002 37,628189,075 81,634 80,416

21,970 5,592 7,58644,095 14,195 11,367

583,550 253,160 232,8521,199.985 531,477 494,610

37,213 10,571 5.85973,072 22,431 8,329

159,939 67,742 61,254326,074 142,865 128,067

1,031,167 353,736 278,4272,114,837 748,896 666,157

198,209 84,441 78,654407,598 179,657 165,507

113,488 58,466 45,649228,183 121,540 89,501

22,930 8,882 6.44447,623 18,321 12,825

23,015 8,393 8,93845,276 18,231 15,781

62,100 8,823 5,390125,700 20,292 31,265

518,927 282,714 249,8881,050,140 566,103 508,140

91,701 41,071 39,856194,242 89,572 86,417

56,439 17,398 15,868114,797 25,113 31,828

59,659 29,501 29,057120,410 62,920 57,361

293,554 168,297 116,000607,276 350,668 244.737

893,419 256,995 279,6061,825,814 531,023 575,587

Interest Charges and Surplus.-Int., Rentals, &c.- -Bat. of Net Earns.-

Current Previous Current PreviousRoads. Year. Year. Year. Year.

$ $ 3Baton Rouge Elect Feb 2,076 1,730 2,682 3,329

Jan 1 to Feb 28 3,809 3,460 5,904 7,447

Brockton & Plymouth_ _Feb 1,087 1,048 def993 def136Jan 1 to Feb 28 2,178 2,103 def1,401 def906

Cape Breton Elect Feb 6,071 5,636 3,065 2,701Jan 1 to Fob 28 21,895 11,242 11,316 7,879

Chattanooga Ry & Lt __Feb 23,740 21,279 9,633 9,103Jan 1 to Feb 28 48,139 42,548 21,626 20,747

Cleve Southw & Col____Feb 30,705 30,135 def2,156 def4,206Jan 1 to Feb 28 61,647 60,319 def834 def7,617

Columbus (Ga) Elect_ ....Feb 12.739 12,0$3 8,825 8,428Jan 1 to Feb 28 29,306 28,375 15,266 13,473

Com'ith Pow Ry & Lt_ _Feb 142,327 108,235 112.250 95,238Jan 1 to Feb 28 311,583 223,886 255,601 213,196

Consumers Power (Mich)Feb 66,184 40,256 73,104 67,304Jan 1 to Feb 28 127,837 88,668 176,086 140,515

Curab Co (Me) Pow & LtFeb 56,714 52,685 6,211 def4,470Jan 1 to Feb 28_ ..., - - - 113,447 100,843 20,460 12,638

Dallas Elect Corp Feb 24,636 24,020 44,778 23,416Jan 1 to Feb 28 46,314 40,630 87,821 55,734

Detroit United Feb 178,603 175,156 118,043 89,909Jan 1 to Feb 28 357,104 359,759 267,113 199,701

East St Louis & Sub_ - __Feb 49,781 47,595 32,487 32,188

Jan 1 to Feb 28 98,137 95,650 74,847 67,210

El Paso Elect Feb 4,240 7,128 34,988 22,253Jan 1 to Feb 28 6,211 14,283 72,096 49,259

Gals-Houston Elect_ __ _Feb 33,660 34,602 25,959 13,487Jan 1 to Feb 28 67,320 68,722 56,790 34,638

Grand Rapids Ry Feb 14.821 14,727 22,181 22,901Jan 1 to Feb 28 29,558 29,517 52,076 50,899

Houghton Co. Elect _ _ _ _Feb 5,690 5,226 def98 2,360Jan 1 to Fob 28 11,442 10,463 2,753 914

Lewist Aug & Water_ __Feb 14,485 14,443 def3,914 def8,584Jan 1 to Feb 28 28,961 28,889 dof6,530 def20,560

Nashville By & Lt Feb 37,088 34,813 30,654 26,441Jan 1 to Feb 28 74,082 69,535 68,783 - 58,532

NY Railways Feb 224,369 214,918 x157.755 z95,683Jan 1 to Feb 28 449,040 429,702 x361,835 x200,146

North Ohio Tract & Lt_ _Feb 55,889 43,821 28,552 34,833Jan 1 to Fob 28 110,910 87,646 68,747 77,861

Northern Texas Elect_ _Feb 24,645 20,845 33,821 24,804Jan 1 to Feb 28 49,481 41,690 72,058 47,811

Paducah Tract & Lt___ -Feb 7,323 7,057 1,559 def613Jan 1 to Feb 28 13,784 13,301 4,537 def476

Pensacola Elect Feb 6,370 6,377 2,023 2,561Jan 1 to Feb 28 12,671 12,754 5,560 3,027

Portland (Me) RR Feb 10,274 10,238 def1,451 def4,848Jan 1 to Feb 28 20,528 18,447 def 236 12,818

Portland (Ore) By L & PFeb 152,509 138,787 130,205 111,101Jan 1 to Feb 28 305,530 275,482 260,573 232,658

St Jos Ry L II & Pow_ _Feb-

20,053 19,710 21,018 20,146Jan 1 to Feb 28 40,235 39,336 49,334 47,081

Savannah ElectJan 1 to Feb 28 Feb

Tampa Elect Feb

17,39135,1004,759

15,86431,8204,675

713

24,742

48

24,382Jan 1 to Feb 28 9,553 9,226 53,367 48,136

Union By Gas & El (Ill) FebJan 1 to Feb 28

97,081190,379

65,564131,147

71,215160,298

50,436113,690

United Rys of St1Louls_ _Feb 223,130 225.652 x40,868 x57,291Jan 1 to Feb 28 446,342 451,198 598,882 x131,125

ANNUAL REPORTS.

Annual Reports.-An index to annual reports of steamrailroads, street railways and miscellaneous companies whichhave been published during the preceding month will . begiven on the last Saturday of each month. This index willnot include reports in the issue of the "Chronicle" in whichit is published. The latest index will be found in the issueof Mar. 29. The next will appear in that of Apr. 26.

Vandalia Railroad Company.

(Report for Fiscal Year ending Dec. 31 1912.)

Pres. Joseph Wood, Mar. 24 1913, wrote in substance;Results.-The income statement is in the form prescribed by the Inter-

State Commerce Commission, effective July 1 1912. The net income,compared with the similar item for 1911, shows an increase of $630,397.The appropriation to the sinking fund which in 1911 amounted to $178,239,and was included in fixed charges and deducted from the gross income, isnow in the new form of statement deducted from the net income.Growing activity marked the country's industries, and the expansion of

the traffic and earnings of your company was only what might reasonablyhave been expected following a long period of restricted purchases on thepart of the railroads, and in a country whose natural resources are not fullydeveloped and whose traffic consequently doubles in every ten or fif-teen-year period.The revenues of all lines show an increase for the year of $778,382, or

7.81%; the freight revenue showing an increase of $834,359, or 12.99%; thepassenger revenue a decrease of $25,650, or 1.06%; the mail revenue a de-crease of $67,252, or 12.52%, due to shipment of certain classes of mail viafreight service, the express, other transportation and non-transportationrevenues showing an increa.se of $36,925, or 6.21%. The large incfreasoin freight revenue was due to an increase of 12.58% in tonnage, 15.37% inton mileage, with a slight decrease in the average revenue per ton mile.The commodities showing the largest increases in tonnage were anthraciteand bituminous coal, grain, sand, stone and like articles, lumber and ce-inent, brick and lime.The total operating expenses increased $370,169, or 4.75%, chiefly due

to heavier repairs to locomotives and cars, to increased amounts paid roadand yard enginemen and trainmen and station employees, and for fuelused, incident to the large increase in tonnage handled.The net income of the year, after meeting all liabilities and providing for

the sinking fund, was sufficient to pay a dividend of 4% and leave a balanceof $274,032, which was appropriated for additions and betterments to roadand equipment, of which $162,572 were expended in 1912 and $111,460prior thereto.

Capital Stock.-The stock outstanding Dec. 31 was $14,613,950, an in-crease of $7,200, due to the conversion of 48 shares of stock of the TerreHaute & Indianapolis RR. Co. There is also $35,566 reserved for con-version of outstanding stock of constituent companies, making the aggre-gate capital stock $14,649,516 out of a total of $25,000,000 authorized.Bonds.-Tho funded debt authorized is $25,000,000 and the amount

outstanding Dec. 31 1912, including unmatured funded debt of the Terrehaute & Indianapolis RR. Co., one of your constituent organizations, was$19,408,000, a decrease of $179,000, duo to the redemption of that amountof consol. mortgage 4% bonds, series "B," through the sinking fund.

Additions.-The expenditures on road and equipment, amounting to$612,247, of which $162,571 was charged against the income for the year,was expended as follows: (a) $151,331 on road, mainly in continuing thework of improving the alignment and reducing the grades on the Vincennesdivision between Bushrod and Indianapolis, and the installing of new coalingand water-supply plants at Rose Lake yard; and (b) $460,916 to cover thecost of 16 additional locomotives.

Securities Owned.-These. held Dec. 31 1912 at a valuation of $299.568,produced an income during 1912 of $27,851.

Terre Haute ec. Peoria RR.-This leased line shows a reduction in revenuesof $38,339 and a consequent decrease in the rental, 30% of operating reva-nues, of $11,502. The result to your company in operating the road showsa loss for the year of $222,045, a decrease of $50,834 compared with 1911.

OPERATIONS AND FISCAL RESULTS.

Vandatia Rn.- All LinesFreight-l x981217..27

Miles of road operated.... 1961621..52 1961611..52 1x981227..27Freight earnings $6,620,470 $5,740,292 $7,268,719 $6,424,360Per cent of total earnings (66.61) (67.53)Tons carried 9,385,713 8,0(6622,79022) 10,434,668 9,26648,34734Tons carried one mile 1,013,458,215 851,678,549 1120651,074 971,320,837Earns, per mile of road_ $10,007

$8,677$$7,766

Earns. per ton per mile.. .653 eta. .674 cis. .6488,74c7ts. .661 eta.Av. cost per ton per mile .503 eta. .555 eta. .5088cts6i. .555 eta.Av. train-lo (tons) 404.05ad 353.10

38

Earn. per rev. frt. tr. m_ $2.639 $2.380 $2.517 $2.249

Passenger-Passenger earnings 32,259,737 $2,290,582 $2,388,767 52,414,418Passengers carried 2,838,585 2,852,458 3,154,787 3,149,362Passengers carried 1 m..106,786,408 110,283,055 112,996,740 116,275,986Av. earns. p. pass. p. m. 2.116 eta. 2.077 eta. 2.114 cis. 2.076 eta.Earns. p. pass. p. tr. m_ 51.240 31.273 $1.198 $1.227

x Including Terre Haute & Peoria RR., 165.75 miles.

GENERAL INCOME ACCOUNT FOR YEARS ENDING DEC. 31 FORALL LINES DIRECTLY OPERATED.

1912. 1911. 1910. 1909.Earnings- $ $

Freight 7,258.719 6,424 ,360 7 >010 ,270 549,002Passenger 2,388,768 2,414,418 2.370,833 2,180,535Other transport. revenue 292,304 270,965 239,062 192,207Non-transport. revenue_ 89,981 78,638 84,504 70,286Mail 470,039 537,291 518.381 518,436Express 248,898 244,655 234,724 215,820

Total oper. revenue._ 10,748,709 9,970,327 10,528,374 9,136,286

Expenses-Maint. of way, &c 1 ,398 ,004 1 ,419 ,064 1 ,508 ,491 1 ,353 ,491Maintenance of equip 2,116,084 1,880,471 1,993,189 1,573,468Traffic 293,202 312,599 318,820 281,105Transportation 4,142,960 3,952,816 4,083,133 3,391,917General 219,424 234,555 235,876 222,806Taxes 357,995 332,458 320,528 286,500

Total 8,527,669 8,131,963 8,460,037 7,109,282Net earnings 2,221,040 1,838,364 2,068,337 2,027,004

INCOME:ACCOUNT:al-

1912. 1911.Net earnings $2,221,040 1,836,364Joint facil.rentaote 112,748 A 123,238

Gross income...62,333,78S $1,961,602

Deduct-Lease of 0th. roads $251,804 $263,306 Total deductions$2,059,755 $1,958,440hire of equip.-bal. 84,811 130,398 Balance, surplus_ $274,033 $3,182

tiurplus as shove in 1911-12 was appropriated for additions and better'ts.

BARNINGS1OF TERREMAUTE &TPEORIA RR.

Deductions (con.)-J't aze.,rents $154,420 $165,267Bond interest__ 797,100 804,270Miscellaneous._ _ _ 10,410 15,276Sinking fund 176,654 178,239Dividends (4)584,556(250401684

-.,11,110.11011•1111111111•••=1=

Grossjar. Earns.

Oper.Exps.

NetEarns.

Renta1,30%Gross.

Rents Hire ofPaid. Equip,-$42,005--

Balance,Loss.'in

1912_3809,346 $746,583 562,763 $242,803 $222,04553,615--1911- 847,684 812.643 35,041 254,305 272,879

22,611 39,2111910_ 958,931 854,379 104,552 287,679 244,9491909.. 749,234 717,441 31,793 224,770 22,614 25,532 241.123X After allowing for other income received.


1014 THE CHRONICLE [VOL. xcmVANDALIA RR. CO.

1912.Assets- $

Road & equip_a_ _34,267,597Securities proprie'y,&c., companies'Stocks, unpledg. 230,567 230,567Bonds, unpledg. 69,000 69,000

Advs. for constr.,&c 200,000 200,000Miscel. Investm'ts 57,226 57,226Cash 1,463,808 1,253,238Loans & bills rec._ 600,000 1,000,000Traffic, &c., bats. 300,606 168,850Agents, &c 319,678 240,171Mat'l & supplies 696,086 790,049Miscell. accounts_ 396,386 471,415Temporary adv'ces 46,757 26,223Oth. def . deb . items 134,222 122,516

Total 38,781,933

1911. 1912.Liabilities-

33,839,261 Capital stock......14,649.516 1Funded debt 19,408,000 1Equip. tr. oblig's.. 134,457Traffic, &c., Ws_ 228,934Vouch. & wages 731,956Matured int.&rents 320.141

GENERAL BALANCE SHEET DEC. 31.1911.$

4,649,5169,587,000179,276199,312726,621324,256

Miscell. accounts.. 190,132 160,305Unmatured int.,&13 215,957 217,150Taxes accrued__ 341,548 318,168Def. cred. Items__ 73,721 68,940Add'ns to propertytbrough income_ 1,154,279 880,247

Sinking, &c., funds 472,081 308,045Profit and loss.... 861,211 849,679

38,468,515 Total 38,781,933 38,468,515

a After deducting reserve for accrued depreciation of equip.. $338,228.p. 864, 791.•

Green Bay & Western Railroad.(Report for Fiscal Year ending Dec. 31 1912.)

Gross Earnings- 1912.Freight $520.781Passenger 173,268Mail, express and miscall 67,454

Total earnings $761,502Operating Expenses-

Maintenance of way, &c. $125,379Maintenance of equip't_ 88,905Traffic expenses 5,369Transportation expenses 230,493General expenses 28,460

Total oper. expenses.. $478,605Net earnings $282.897Miscellaneous earnings_ 39,260

Total $322,157Taxes, rents, &c $47,923Depreciation Add'ns & betterments 26,000

Balance $248,234Paid on deb. "A," 5%...$30,000Paid on stock. 5% 125,000Paid on deb. "B" (13087,500

1911. 1910. 1909.$436.949 $413,474 $375,395165.331 160,377. 157,96758,204 85,710 55,557

$660,484

$148,82972,7685,221

203,92122,541

$453,280$207,204

33,982

$659,561

$114.53989,7674,547

202,64728,615

$441,115$218,446

$588,919

$98,81385.4745,738

175,81325,436

$391,274$197,645

$241.186 $218,446 $197.645$43,366 $26,876 $24,735

14,471

$197,820$30,000125.000

(M)35,000

$177,099$30,000125,000

(%)35,000

$172,910$30,000125,000

(U)17,500

$242,500 $190,000 $190.000 $172,500Balance $5.734 sur.$7,820 def.$12,901 sur.410GENERAL BALANCE SHEET DECEMBER 31.

1912. 1911.Assets-

Construe. dr equip. 9,892,087 9,965,571Add'ns & better'ts 120,035Material & suppl's 27,086 22,300Coal account 1,105 2,928

54,694 29,69343,318 27,841

419,404 384,21111,124 16,8768,787 8,16333,632 32,09197,578 97,57815,352 21,8813,419810 8,552

18,923 7,168

Bills receivable.._ -Cash Treasurer General Auditor_ _Due from agents.._Due from RR. cos.Stocks and bonds..Old rail account_ _Insurance premiumTie account Miscellaneous_

Total 10,747,354 10,624,853-V. 96, p. 947, 789.

1912.Liabilities

Capital stock 2,500,000"A" debentures 600,000"B" debentures... 7,000,000Pay-rolls 22,722Accounts payable.. 66,383Replacement funds 138,075Due to railways... 8,526Sundry accounts 827Divs. due Feb_ _ 242,500Add. thro. Income 26,000Profit and loss.. _ _ _ 142,320

1911.

2,500,000600,000

7,000,00018,43268,695112,4985,7175,812

190,000

123,699

Total 10,747,354 10,624,853

West Jersey & Seashore Railroad.(Report for Fiscal Year ending Dec. 31 1912.)

Pres. Samuel Rea March 14 wrote in substance:Results.-The rail operating revenues were $6,395,256. an increase of

$147,589. or 2.36%, as compared with 1911. There was a decrease of$22,041 in other income, due to establishing a depreciation reserve for theAtlantic City & Longport branch out of the income received from rental ofthat line. The net income for the year was $887,879, an increase of 15.27%.After charging against net income the dividends, amounting to 5%, on com-mon stock, aggregating $482,080, appropriations to sinking fund and otherreserve funds amounting to $78,792, and additions and betterments amount-ing to $26,707. there remained a balance of $300,300, which was transferredto the "reserve for additions and betterments" for future expenditureschargeable to that account. .

Expenditures for Road and Equipment.-These aggregated $534,336 andwere disposed of as follows: Charged to capital account, $285.632 (road,$14,998; equipment, $270,634); charged to reserve for additions and better-ments appropriated out of income of previous years, $221,997; charged toincome of 1912. $26,707.Three new passenger locomotives were acquired, two as additions andone as a replacement. Thirteen new steel passenger cars, two new steelcombined passenger and baggage cars and one new steel baggage express car,equipped with motors for electric service, were added to the electric pas-senger car equipment, and one tool and block car added to the mainte-nance of way equipment of the road; 51 passenger cars, 13 combined pas-senger and baggage cars and 26 steel underframe gondola cars were alsoprovided for replacements.Bonds and Stock.-As all of the first consol. mtge. gold bonds have beenissued, and there is a margin of only $358,400 of authorized capital stockthat may be Issued for the purpose of raising additional funds, it is neces-

sary that consideration be given to the creation of a general mortgage, andalso an increase in its authorized capital stock, so that the directors mayfrom time to time issue and sell, as in their discretion is deemed proper,either bonds or stock, to provide, first, for the payment of the certificatesof indebtedness for $1,394.000 due July 1 1913, which represents moneysadvanced by the Pennsylvania RR. Co. in previous Years; and, secondly.to meet expenditures for new construction work on your railroad, the ex-tension and improvement of its terminals, tracks and facilities, the pur-chase of additional equipment and all other corporate purposes.

OPERATIONS AND FISCAL RESULTS.1912. 1911. 1910. 1909,

356 356 353 $ 356

4,097.749 4,019,180 3,808.779 3,473,4581,903.346 1,838.598 1,798,906 1,585,731394,161 389,889 373 .988 362,245

Miles operated Revenues-

Passengers Freight Miscellaneous

Total 6,395,256 6,247,667 5,981,673 5,421,434Expenses-MaInt . of way & struc 928.209 960,315 1,045,667 918.331Maint. of equipment _ 969,239 927,015 731,514 680,852Traffic 171,205 152,225 179,696 146,302Transportation 2,634.760 2,629.203 2,452,436 2,168,957General 157.733 124,334 121,403 101,490Total 4.861,146

Net operating revenue.._ 1,534.110Outside oper.-net def.42,720

Net earnings

4,793,092 4,530,716 4,015,9321,454,575 1,450.957 1,405,502def.42,800 def.65,975 sur .22,626

INCOME ACCOUNT.1912.

Net earnings $1,491,390Taxes 296,625

Operating Inc_ _$1,194,765Add-Lease of rd. $154,777

Joint fac.ets,&c. 99,429

Gross Income_ _$1,448,971

Deduct-Hire of equip.,bal- $43,521Lease of ferries.-...9,108

GENERAL BALANCE SHEET DECEMBER 31.

1911.. Deduc. (Con.)- 1912. 1911.$1,411,775 Joint fac.,&c.,r'ts_ $180,736 $169,303

350,788 Misc, tax accels__ 3,367 3,347Bond interest..... 255,473 265,175

$1,060,987 Divs.-Gu. stk.(6%) 6,240 6,240$176,203 Other interest_ _ _ _ 62,646 59,091100,044 Miscellaneous 46

Corn. dlvs. (5%). 482,080 482,080$1,337,234 Add'ns & better'ts 26,707

App. to sk.,&c.,fds. 78,792 66,537

$50,846 Total dedue'ns_$1,148,670 $675,61912,954 Bal. to bet't res've $300,300 $221,615

Assets-1912.$

1911.

Road & equip_ _a19,741,796 19,382,631Stk. of prop., &c.,

cos., unpledged_ 164,665 164,665Marketable securs. 90,000Misc. investments 192,898 192,897Cash 595,174 519,459Agents & cond'rs_ 143,210 192,470Material & suppl's 181,694 280,859Traffic, &c., bals_ 292,616 166,393Miscellaneous 196,948 58,774Temporary adv's

to prop.,&c.,cos. 299,265 303,67Oth.def.debit items 12,272 14,108

Total 21,820,538 21,366,223a After deducting reserve for accrued depreciation of equipment, $312,-878, and of road, $71,654. b Includes additions to property since June 301907, through income, $894,682; invested in sinking and redemption funds,$439,300; car trust principal charged out in advance, $16,100; reserve foradditions and betterments, $300,300.-V. 96, p. 948. 864.

American Cities Company (of New Jersey), New York.(Report for Fiscal Year ending Dec. 31 1912.)

The report for the year ending Dec. 31 1912 is given atlength on another page, including the remarks of PresidentGeorge H. Davis, the condensed balance sheet and incomestatement of the holding company, the income statement ofthe combined constituent companies and a description of theproperties of the latter.Cos. Controlled-Stock Outstanding and Proportion Controlled by Am. Cities Co.

- Preferred *Stock - -Common Stock-Total Issued. Owned. Outstanding. Owned.New Orleans(La.) Ry. & Lt. Co_$10,000,000 87.967 $20,000,000 96.65Birm. (Ala.) By., Lt. & P. Co.._ 3,500,000 79.16V 3,500,000 88.83Memphis (Tenn.) St. By. Co.... 2,500,000 88.35% 2,500,000 86.14Little Rock (Ark.) Ry.& El. Co_ 750,000 80.12% 1,500,000 80.87Knoxville (Tenn.) By. & Lt. Co_ 2,050,000 100Houston (Tex.) Ltg. & Pow. Co 1,500,000 100

1912.Liabilities-

Stock (see "Ry. &

1911.

Ind." Section). 9,747,305 9,747,305Funded debt 7,942,000 8,022,000Equip. trusts_ _ 16,100 20,125Real est. mtges_ _ _ 46,300 46,300Traffic, &c., bait.. 600,468 483,960Vouchers & wages 264,363 225,379Miscellaneous_ .__ 131,446 103,342Accr'd int. & rents 176,779 165,713Accrued taxes_ _ _ _ 321,850 342,626Def. credit items_ 1,036 34,832Appropr'ted surp_b1,650,382 1,244,583Profit and loss__ _ _ 022,507 930,057

Total 21,820,538 21,366,223

Total $16,750,000 $31,050,000COMPARATIVE INCOME ACCOUNT OF AMERICAN CITIES CO.(Showing also undivided earnings of sub, companles for each year.]

Year end. June19 toDec.31'12.Dec.31'11.

Divs. on sec. owned $1,832,336 $899,109Int. on bank bats__ 18,447 16,737Int. on bills reedy_ 30,806 6,099

Total receipts_ _ _$1,881,589 $921,945Op. exp. and taxes_ 55,094 14,286

Net earnings.. _ _ _$1,826,495 8907,659

Year end. June19 toDec.31'21. Dec.31'11.

Net earnings $1,826,405 $907,659Bond interest 500,000 250,000

Net income $1,326,495 $657,659Pref. dIvidends....(6)1,233,210(3)615,426

Balance, surplus_ $93,285 $42,233Undivided earnings

of sub. cos 456,099 303,851

Total 549,384 346,085AMERICAN CITIES CO. BALANCE SHEET DEC. 31.

1912. 1911.Assets- $ $

Securities owned_ _45,778,819 45,659,287Cash 477,947 679,981Bills receivable...._ 696,861 786,000Accounts reedy_ 258Adv. for expenses_ 91 195Deposits for Inter-

est & dividends_ 870,192 865,426

1912. 1911.LW ilitfes- $ $

Preferred stock.. ....20,553,500 20,514,200Common stock_ _ _16,264,700 16,250,6008-year 5-6% coll.

trust bonds_ .....10,000,000 10,000,000Due other co's_ 318,688Int.&divs. (contra) 870,193 865,426Profit and loss.... 135,518 42,233

Total 47,823,911 47,991,147 Total 47,823,011 47,091,147EARNINGS OF CONTROLLED COMPANIES FOR CALENDAR YEAR 1912.

Gross Net, after Fixed Balance,Earnings. Taxes. Charges. Surplus.

New Orleans (La.) Ry. & Light Co $6,652,936$2,666,589$1,671,556 $905,033Birmingham (Ala.) Ry., Lt. & Pow. Co.. 3,005,888 1,213,772 597,385 616,387Memphis (Tenn.) Street Ry. Co 1,937,308 712,175 481,298 230,877Little Rock (Ark.) Ry. & Electric Co_ _ _ 874,527 398,986 157,513 241,473Knoxville (Tenn.) Ry. & Light Co 728,035 339,654 181,410 158,244Houston (Tex.) Lighting dr Power Co..... 680,266 368,705 79,170 289,535

Total $13,878,961 85699,882 83168,333 82531,549Year ending Dec. 311911 *$13,257,549 85328,874 $3007,856 82321,018Increase, per cent 4.7 7.0 5.3 9.1EARNINGS FOR CALENDAR YEARS 1912, 1911 AND 1910. Gross Earnings-. Surplus after Interest, &c.-

1912. 1911. 1010.New On.... $6,052,936 $6,408,281 $6,153,323. .

131rm'ham 3,005,888 2,819,585 2,681,960Memphis_ 1,937,308 1,890,496 1,803,008LittleRock 874,527 868,875 772,244Knoxville.. 728,035 709,604 716,110Houston..!. 680,266 606,841 529,789

$995,033 $771,695 $638,734616,387 565,911 573,292230,877 236,335 179,293241,473 277,939 203,375158,244 192,095 224,682289,535 277,043 127,377

Total __$13,878,961*$13,303,682 $12,656,434 $2,531,549.12,321,018 $1,040,753

*The gross earnings for 1911 in the first of the two tables next above shown (takenfrom the annual report for 1912) differ from those previously reported for that year(as shown in the second table) because of certain changes in bookkeeping methodsIn order to afford proper comparison with the 1912 figures; inter-department elec-tricity charges being eliminated especially with regard to the New Orleans company.

STATISTICS OF OPERATING COMPANIES.1912. 1911. 1910. 1909.Birmingham-No. elec.

meters 13,355 11,426 10,285 9,092'No. of gas meters 9,897 8,293 7,482 6,675No. steam heat meters. 240 222 204 195Passengers carried- - -46,000,782 44,272,042 41,564,593 36,380,690Houston-Elec. meters_ 9,690 8,298 7,451 6,382Knoxville--Ltg.customers 4,567 3,912 3,543 3,211Connected load (16 c.p.equivalent) 181,824 159,297 138,101 126,121Passengers carried_ _ _ _10,960,344 11,254,845 11,729.926 9.979,629Little Rock-Lightingcustomers 5,151 4,725 4,288 4,023Connected load (16 c.p.equivalent) 171,807 149,231 127,922 110,466Passengers carried.... ....12,956,965 13,067,399 12,068.010 11,422,357mem ph is-Pass. carried .48 ,49 .„8 486 46,439,655

NewOrleans-Passcarr.107.407,921 82,524,955 80,408,085 78,643,680Kilow. hours produced. (I) 77,644,104 ( ?) (?)Amt. k. w. hours sold_35,534,733 33,216,584 28,808,6031,491,390 1,411,775 1,384,982 1.428,128



BALANCE SHEETS OF 00ERATING COMPANIES DEC. 31.

-N. 0. (La.) Ry.&L.- -Birm.(Ala.)R.L.& P.--Mem.(Tenn.)St.Ry.-1912. 1911. 1912. 1911. 1912. 1911.

Assets- $ $ $ $Propertyassets_66,232,802 65,707,525 19,913,343 19,255,327 15,023,222 14,605,044Work in prog'ss 401,651 97,321Cash 1,030,276 75,926 29,724 41,152 12,983 17,047Materials&sup_ 380,658 370,967 272,103 202,431 153,221 67,020Prep'd ins., &c_ 37,871 42,180 12,999 13,589 3,018 3,214Int.&divs.-dep. 399,171 478,012 546,231 239,945 239,818Miscellaneous 219,543 114,761 127,725Bills receivable_ 382,765 382,765 64,913k 205,830 92,541 69,826Accts. recetv 460,007 326,762 235,441Adv. to affil.cos 208,386Stocks & bonds 1,562,828 27,915 20,115Unamort. debtdisc. & exp_ _ _ 1,139,586

Total 70,312,751 68,768,029 21,563,826 20,381,996 15,521,930 15,001,969Liabilities-

Pref. stock_x_ A0,038,800 10,038,800 3,500,000 3,500,000 2,500,000 2,500,000Corn. stock _x 20,180,500 20,180,500 3,500,000 3,500,000 2,500,000 2,500,000Bonded debt 32,934,900 33 129,950 12,484,000 11,455,000 9,343,000 9,000,000Bills payable_ _ _112,500

{751,839675,044 511,000 300,000 225,000

Accts. pay., &c.f 2,325,177 156,826 155,316 112,264 67,772Consum. depos. 44,614 58,839Accr.int.,txs.,&c 714,370 738,840 615,154 728,820 288,173 307,933Reserves 1,353,188 1,348,496 12,599Miscellaneous 26,297 25,599Profit & loss 2,739,519 2,541,505 588,188 460,422 481,492 401,263

Total 70,312,751 68,768,029 21,563,826 20,381,996 15,524,930 15,001,969

x Includes $38,800panies held by others.

-Lit.

Assets-

pref. and $180,500 common stock of leased and affiliated com-

Ric. Ry.& El.Co.- -Knoxv. Ry.&Lt. Co.- -Hens. Lig. & P. Co.-1912. 1911. 1912. 1911. 1912. 1911.$ $ $ $ $ $

Property assets_ 5,461,493 5,388,659 5,597,310 5,301,637 2,652,606 2,486,245Work in prog'ss 61,176 14,777Cash 109,470 46,439 12,130 191,210 15,848 154,050Materials &sup_ 44,169 37,214 81,102 57,366 53,006 37,133Prep'd ins., &c_ 2,266 2,210 512 719 3,545 3,041Int.&dtvs.-dep. 52,570 7,925 11,487 33,225 3,075 32,525Accts. rec.&mis. 80,727 72,278 441,729 303,591 313,757 320,707Stocks & bonds_ 120,352 46,000Unamort. debt,

disc. & exp 71,635

Total 5,942,082 5,600,725 6,144,271 5,887,748 3,103,014 3,048,478Liabilities-.

Pref. stock_ 1,500,000 1,500,000Common stock_ 750,000 750,000 2,050,000 2,050,000} 1,500,000 1,500,000Bonded debt 3,000,000 2,800,000 3,625,000 3,375,000 1,300,000 1,300,000Bills payable 40,000 50,000 31,150Accts. pay., &c. 35,291 35,306 38,613 25,721 15,427 20,665Consum. depos. 14,061 13,362 22,860 19,367Accr.int.,txes,&c 148,100 90,628 62,015 99,160 29,913 15,337Reserves 64,835 21,329 33,629 23,351 53,809 35,778Profit & loss_ 390,396 340,100 335,013 314,516 149,856 115,331

Total 5,942,682 5,600,725 6,144,271 5,887,748 3,103,014 3,048,478-V. 96, p. 715, 486.

Pacific Gas & Electric Co., San Francisco, Cal.

(Preliminary Statement for Fiscal Year ending Dec. 31 1912.)

Telegraphic advices from San Francisco quote ComptrollerA. F. Hockenbeamer in substance as follows:

Sales of gas during 1912 exceeded 06 billion cu. ft., an increase of morethan 407 million Cu. ft. over 1911. The company made a net gain of33,764 consumers of gas, electricity and water, or almost 12%. Except forreductions in rates made to consumers, the larger volume of business in1912 would have increased the company's revenues by more than31,000,000.The reductions in rates benefited approximately 90% of all the com-

pany's consumers and have, in the opinion of those familiar with the valueof the company's properties, established a firm basis for its future growth.The company expended during 1912 $7,849,830 for additions, improve-ments and betterments. It is estimated that fully $5,000,000 of this in-vestment produced little or no income at all during 1912, but should ma-terially add to the earnings in 1913 and to a still greater degree in 1914,when the company will begin deriving benefits from its hydro-electricdevelopments on Bear River, which will have an ultimate capacity of about160,000 h.p.

People in close touch with the company express the opinion that the year1912, with its general readjustment of rates and large burden of construc-tion, afforded as severe a test of stability of the company as it is likely toever have to undergo, and that during 1913, and in a still greater degreethereafter, the company should show remarkably good results.[Tho San Fran. "Chronicle" on March 13 said that the Livermore Water

& Power Co. and W. A. Bissell had agreed to sell their plant to the PacificGas & Electric Co. for $142,000 and that the last-named had asked for au-thority to issue 1,400 shares of common stock at 65 in part payment.]

The New York bankers have received by telegram fromthe Comptroller the following figures showing results for1912 which we have compared with previous years:

1912. 1911. 1910.Gross earns. (incl. miscell. income)_ _$14,744,652 $14,604,609 $14,044,596Maintenance, op. exp., reserves, &c_ 8,431,561 8,214,072 7,921,341

Net revenue $6,313,091 $6,390,537 $6,123,255Deduct-Interest on bonds, &c_ _ _ _ 3,568,944 3,254,133 3,006,256

Amort. of bond disc't & expense.. 127,871 75,672 47,220

Balance $2,616,276 $3,060,732 $3,069,779.Other income 25,380

Total $2,641,656 $3,060,732 $3,069,779Preferred dividends (6%) $600,000 $600,000 $600,000Common dividends (5%) 1,520,435

Balance, surplus $521,221 $2,460,732 $2,469,779-v. 96. P. 716. 654. •

Chicago City Railway.

(Report for Fiscal Year ending Jan. 31 1913.)

Pres. L. A. Busby, Chicago, March 31, wrote in substance:Results.-The property has produced a net income of $1,982,507, from

which four quarterly dividends of 234 % have been paid, aggregating a totalof 10% upon the $18,000,000 capital stock, and leaving a surplus for theyear of $182,507.

Sufficient reserves having been set aside, under the provisions of the 1907ordinance to provide for maintenance and renewals, the directors decidedto distribute from earnings an extra dividend of 1% upon the capital stock.Balance in surplus account Jan. 31 1913, $12,114.New Track.-During the year the company has built and acquired by

purchase, authorized by ordinance, 25.42 miles of single track. The totalmileage of single track now owned is 292.07 miles.Labor.-The 3-year contract with our employees, members of the Amal-

gamated Association, expired Aug. 1 1912, and after some negotiations allquestions in controversy were submitted to a board of arbiters, consistingof II. B. Fleming, our Vice-President, Judge Kickham Scanlan of the Cir-cuit Court of Cook County, and Judge Orrin N. Carter of the SupremeCourt of Illinois. The board handed down its findings on Mar. 29 1913,giving the men an approximate increase of 2c. per hour, to take effect asof Aug. 1 1912.

INCOME ACCOUNT YEAR ENDING JANUARY 31.1913.

Passenger receipts, incl.1912. 1911. 1910.

Southern Street Ry-$10,838,714 $10,321,770 $9,762,275 $8,735,705Other receipts 405,267 389,707 343,169 358,343

Total receipts $11,243,981 $10,711,477 $10,105,444 $9,094,048Oper. exp. taxes, renew-

als and int. on capitalinvest't and SouthernSt. Ry. net earnings_ _ *9,485,823 9,057,223 8,596,509 8,230,735

Net earnings $1,758,158 $1,654,254 $1,508,935 $863,313City's proportion, 55%,as per ordinance 966,987 909,840 829,914 474,822

Company's proportion,45%, as per ordinance $791,171 $744,414 $679,021 $388,491

Int. on capital, as certi-fied by Board of Su-pervising Engineers 2,217,266 2,088,089 1,994,939 1,864,901

Income from oper'n $3,008,437 $2,832,503 $2,673,960 $2,253,392Other income 260,172 295,259 439,180 555,715

Net income $3,268,609 $3,127,762 $3,113,140 $2,809,107Interest on bonds $1,286,102 $1,181,722 $1,127,708 $1,110,667Dividends x(10%)1.800.000y(10)1800000z(10)1800000(6)1,080,000

Balance, surplus $182,507 $146,040 $185,432 $618,440

* Includes contingent reserve fund of $60,000 to apply on account ofincrease in wages and barnmen from Aug. 1 1912 to Feb. 1 1913.

x Also extra dividend of 1% paid Dec. 30 1912.y Also extra dividend of 13- % paid Dec. 1911.z Also extra dive, of 4% and 2%, paid Mar. and Dec. 1910, respectively.

BALANCE SHEET JANUARY 31..1913.

Assets-Pur. price of prop.

in terms of ord_ _45,467,704Accounts receiv_ __ 44,832Real estate & treas.

securities 19,974Cash on hand_ 699,222

1912.

42,897,47846,867

19,9741,155,783

Total 46,231,732 44,120,102-V. 96, p. 62.

Louisville(Statement for the Year

1913. 1912.$ $

1st M.5% gold bds27,200,000 25,200,000Accts. payable,&c. 1,019,617 871,290Surp. assets, repre-

sented by equityof $18,000,000capital stock__ _18,012,115 18,048,812

Total 46,231,732 44,120,102

Railway.ending Dec. 31 1912.)

Passenger revenue Other revenue

1912.$3,005,123

125,369

1911.$2,905,784

124,814

1910.$2,854,909

88,172

Total Operating expenses

$3.130.4921,790,037

$3,030,5981,742,825

$2,943,0811,692,291

Net earnings Other income

$1,340,455234,885

$1,287,773210,000

$1,250,790178,256

Total net income Deduct-Taxes Interest Preferred dividends (507) Common dividends (10%) Deprec., renewals, accident fund,&c.__

$1,575,340} $786,12751

125,000545,65090.000

$1,497,773$229,000475,416125,000545,650107,747

$1,429,046$222,000436,649125,000545,65081,000

Total Balance, surplus

$1,546,777$28,563

$1,482,813$14,960

$1,410,297$18,749

CONDENSED BALANCE SHEET DECEMBER 31.1912. 1911.

Assets- $ •1912.

Liabilities-- $1911.

Cost of roadway & Common stock__ 5,456,500 5,456,500electric line____11,153,156 10,657,188 Preferred stock__ 2,500,000 2,500,000

Real est.& bldgs__ 1,622,218 1,240,405 Bonded debt 10,999,000 9,939,000Mach'y & equip't_ 2,997,426 3,038,904 Current liabilities_ 123,893 83,476Louisv. & Interur. Interest accrued 257,959 231,541RR. & 0th. Inv_ 3,988,396 3,816,964 Dividends accrued 167,662 167,662

Material & supp__ 173,439 122,980 Funds for taxes,Cash 307,745 273,230 Insur.& accident 230,711. 229,019Bills & accts. rec 109,895 45,522 Income account _ 616,551 587,994

Total 20,352,276 19,195,193 Total 20,352,276 19,195,193-V. 96, p. 553.

Havana Tobacco Company.(Report for Fiscal Year ending Dec. 31 1912.)

The report of Treasurer George G. Finch states:There has been no change during the year in the capital stock and bonds.The earnings come from dividends on holdings of stocks of Henry Clay

and Bock & Co., Ltd., Havana Cigar & Tobacco Factories, Ltd., HavanaCommercial Co., H. de Cabanas y Carbajal and J. S. Murias y Ca.The combined earnings of the above companies for 1912, after deduct-

ing all expenses for management, depreciation, interest on debentures.&c., were $857,180, against $717,532 in 1911. The proportion of the Ha-.vana Tobacco Co.. based on its holdings of their respective securities, was$680,002 in 1912, against $552,916. but, owing to the deficits that existedprior to 1912, only a portion of the year's earnings is available for dividends.Included in the statement below are dividends from Havana Cigar & To-bacco Factories, Ltd., aggregating $49.448. as compared with $16,461 re-ceived from that company in 1911.

RESULTS OF OPERATIONS FOR CALENDAR YEARS.1912. 1911. 1910. 1909.

Divs. on stocks owned__ $50,822 $17.301 $630 $630*Operating expenses___ 243,308 212.493 245.828 145,918

Net earnings, def_ _ _ _ $192,486 $195.192 $245.198 $145.288Int . on 5% gold bonds.._ 375,000 375,000 375,000 375,000

Leaving this co. to securefrom other sources inorder to meet fixed chgs. $567,486 $570,192 $620,198 $520,288

*Operating expenses include interest on bills payable in 1912 and 1911,and in 1910 also includes amount written off as loss on investments; and in1909 loss on depreciated equipment.

FINANCIAL STATEMENT DECEMBER 31.1912.

Assets- $Stock in other cos_39,058,626

1911.$

39,051,002

1912. 1911.Liabilities- $

Common stock___30,000.000 30,000,000do In foreign corp's 2,810,692 2,810,692 Preferred stock ___ 5,000,000 5,000,000Accts. receivable_ 15,005 40,156 5% gold bonds__ 7,500,000 7,500,000Treas. stock, pref. 296,200 296,200 Accrued Interest onTreas. stock, corn.. 209,059 209,059 bonds payableCash 16,866 2,793 June 1 31,250 31,250Miscellaneous 12 Accounts and billsDeficit 4,524,115 3,956,629 payable 4,399,312 3,835,293

Total 46,930,562 46,366,543 Total 46,930,562 46,366,543-V. 96. P. 719.

American Cigar Company.(Report for Fiscal Year ending Dec.. 31 1912.)

Treasurer Geo. G. Finch says:There has been no change in capital stock during the year, the total

amount outstanding being $10,000,000 preferred and $10,000,000 common



stock; $5,000,000 4%. gold notes were paid at maturity, Mar. 15 1912.leaving none outstanding. The statentent below does not include the com-pany's share in the undivided net profits of companies in which it holdsstock which they have deemed it advisable not to declare as dividends.Taking these earnings into account, so far as applicable to the proportion ofthe securities of such companies held by the cOmpany, the profits of the com-pany, after the payment of fixed charges and dividends, on pref. stock,amount to 11.9% on the common stock.

RESULTS FOR CAL. YEARS 1912 AND 1911 AND 1907 AND 1906.

1912. 1911. 1907. 1906.Total earns, aft, all chgs.Po& management exp.,&c$1,540,185 $1,612,832 Not NotInt. on gold notes (ro- stated. stated.

tired Mar. 15 1912) _ - 41,667I-5F loci 241,666

Net $1,498,518 $1,371,166 $1,887,098 $2,682,379DedUct-Fret. divs.(6%) $600,000 $600,000 $600,000 $600,000Common dividends(43i)450,000(1 %)150,000

r Balance, surp. for yr_ $448,518 $621,166 $1,287,098 $2,082,379Add-Tot. sur. begin .yr. 7,428,576 5,320,050 5,477,677 4,145.298

Profit from side of secs. 939,8Sundry other profits_ _ 166,418

1547,461

Total $8,043,512 $7,428,676 $6,764,775 $6,227,677Deduct-Depr in sec's a356,917 750,000ppitTotal stir. end of year_ $7,686,595 $7,428,576 $6,764,775 $5,477,677

a Loss in disposition of interest in American Stogie Co. under decree oCourts in case of U. S. vs. Am. Tobacco Co. et al.-V. 96, p. 717.

Quincy Mining Company.

(Report for Fiscal Year ending Dec. 31 1912.)

Pres. William IL Todd, Feb. 28, wrote in substance:The increased cost per pound of copper is partly due to an advance in

wages during the year, as well as to an increase of mine openings, referredto in the report of the General Manager. The sale of our 1912 productwas made at prices ranging from 134 to 174 cts., and has averaged about16.24 cts. per lb.A dividend of $1 50 per share, or $165,000 for 3 months ending Dec. 31

last, has been declared, payable March 24, making a total of $605,000(22% paid from earnings of the past year, this including $110,000 paidMarch 25 1912, $137,500 Juno 24. $137,500 Sept. 23 and $165,000 Dec.23.]The final note of $150,000 given to the St. Mary's Canal Mineral Land

Co. will be paid on July 1 next, thus completing the payment of $600,000for mineral land purchased in 1910.

Extracts from Report of Gen. Mgr. Charles L. Lawton' Jan. 9 1913.The operations of the Quincy mine, railroad, stamp mills and smelter

for the year 1912 have included more development and construction thanfor several preceding years. This feature of the work, however, has beenmet to a considerable degree by the increased price of copper, which hasalso permitted the wider distribution of efficiency installation. Notwith-standing the shortage of labor and the more perceptible decrease In the out-put of No. 7 shaft, the tonnage of rock sent to the stamp mills was 1,309,-253 tons. This means a consequent lessening of the total production ofcopper for the year, which, together with the increased cost of labor, entailsa higher cost.No material change has been noted in the copper contents of the rock

In the now lower, or bottom, openings of the mine, as compared with recentyears, though the good showing of copper in the new openings of the bottomof the mine north of No. 8 shaft is worthy of mention.The openings for the year have been greater by 2,665 feet than during

the previous year; this was attained in spite of the fact that No. 7 shaftopenings Were necessarily less by 1,661 lineal feet than in 1911. The totalnew openings made during the year were 31,405 lineal feet and 2,734 feetof diamond drilling, a combined total of nearly 63's miles. All the shaftsare in good physical condition.At No. 7 shaft the available stoning ground is being steadily mined out.

The loss in tonnage from this shaft amounted toe million pounds of copperduring the year. The 2,484 feet of drifting in this shaft was almost ex-clusively on one of the east branches, averaging about 7 feet wide. It isrich stamp rock and carries much small and heavy mass Copper. The shaftproduced 376 tons of mass copper.A new 20-million-gallon centrifugal pump has been purchased as a dupli-

cate pumping plant for increased protection in cases of emergency.

PRODUCTS, EARNINGS, EXPENSES, &e.1912.

Mineral produced, lbs__ 30,040,360Refined copper, lbs____ 20,634,800Gross income $3,381,587Mining expenses 1,778,825Opening mine expense... 267,173Smelting, transp n, &c.. 182,441Taxes paid in Michigan.. 63,475

1911.32,550,44022,252,943$2,854,8051,786,460223,178198,66250,186

1910.34,177,38022,517,014$2,974,0861,762,313219,647209,52256,733

1909.35,025,22522,511,984$3,034,8101,765,965216,131206,46158,749

Total expenses $2,291,913Net profit $1,089,674Other income 15,245

$2,258,486$596,319

17,869

$2,248,216$725,871

28,732

$2,247,306$787,504

12,756

Total net income_ _ _ $1,104,919Construction, cost $110,049Accident account 34,091Dividends (22)605,000

$614,178$106,581

(16)440,000

$754,603$111,910

(18)495,000

$800,260$111,410

(18)495,000

Balance, surplus $355,779 $67,597 $147,693 $193,850

GENERAL SUMMARY OF RECEIPTS FROM ORGANIZ'N TO DEC. 31.To 1913. To 1912. To 1913. To 1912.

Expenditures for- $ t Receipts from- SReal estate & per- Stock ($2,750,000)manent improv. 7,318,490 7,058,442 and scrip 2,150,000 2,150,000

Miscellaneous ___ 108,598 108,598 Copper and silver*74,405,166 71,023,579Operating exp_ _ _ _48,265,808 45,939,802 Interest 434,228 421,757Dividends 20,430,000 19,880,000 Sale real estate,Net current assets 1,233,278 972,499 &c 366,770 364,005

Total 77,356,173 73,959,341 Total 77,356,173 73,959,341

*Represents sales of 500,791,147 lbs. of copper.Note.-On Jan. 1 1913 the current assets, including cash, copper, sup-

plies and investments amounted to $1,500,275; accounts, &c., payable,$266,997; bal., net current assets as above, $1,233,278.-V. 96, p. 950.

The Consolidation Coal Co., Baltimore, Md.(Report for Fiscal Year ending Dec. 31 1912.)

Pres. J. H. Wheelwright, Bait., Mar. 19, wrote in subst.:Bonds.-The following 5% 1st Ms. have been released of record and bonds

canceled* Consolidation Coal Co. Kentucky Div., $3,000,000; SomersetCoal Co., $4,000,000; Clarskburg Fuel Co., $2,500,000; Pittsburgh &Fairmont Fuel Co., $1,300,000.Bonds in Sinking Funds and Pledged under First

Consolida-{4%% 1st M tion % ref. M Coal Co 5% 1st and ref

Cumb. & Penn. RR. let 5% Fairmont Coal Co. 1st 5% So.' Coal & Trans. Co. 1st M 5% Briar Hill Coal & Coke Co. 1st M. 5% Somerset Coal Co. 1st M. 5% of 1910

and RefundingPledged.

$322,000

189,000486,000

3,585,000

fortgage.In S.F.

$444,000446,00095,000

64,00014,000

Of the auth. issue of I $40,000,000 1st & ref. 5s, $10,495,000 are held toretire underlying bonds, $95,000 are in sinking fund, $14,956,000 are heldfor future additions, improvements, &c., $1,479,000 are in treasury and$12,975,000 are held by public. [Compare convertible bonds below].

Tonnage .-The tonnage produced by all mines of the company from 1912was 10,347,100 net tons, compared with 9,219,731 net tons in 1911.

Coal Mined by the Company and Its Subsidiaries by Divisions. ,Maryland IV. Va. Penn. Mill.Cr. Elkhorn Tot.Gross. Tot. Net,

1912...2,162,996 4,576,984 1,748,091 522,900 228,011 9,238,482 10,347,1001911...2,178,391 3,925,329 1,671,639 456,544 8,231,903 9,219,731Elkhorn Field.-The development work of the company in its 100,000-

acre Elkhorn Field in Eastern Kentucky has progressed most satisfactorily.The town oil Jenkins, on the eastern or Sandy Valley & Elkhorn By. sideof the field now has a population of over 5,000 people. The central powerplant is now supplying all the power for the mines in the entire field, andthese minas have been equipped with electrical haulage locomotives andelectrical mining machines designed to cut this Elkhorn seam of coal.Owing to the unusually high waters last spring, the construction of both

railroads into this field was seriously delayed, and it was Oct. 1 before theSandy Valley & Elkhorn Ry. was taken over for operation by the Baltimore& Ohio RR. Co. On the western side the L. & N. RR. was not completeduntil several months later, and tile buildings are not so far advanced as atJenkins, but some have been completed and a large number are underconstruction. The Louisville & Nashville RR. Co. has ordered 3,000 all-steel cars to take care of our output and they are now being delivered. TheBaltimore & Ohio RR. Co., for the Sandy Valley & Elkhorn By., has hadbuilt and delivered to that read 2,000 all-steel cars, and we understandhave an order for an additional 1,000 all-steel cars in the process of beingplaced. Considering that the construction of neither railroad was commen-ced until April 1911, and the fact that their construction and equipmentexpenditures made and to be made are estimated at $40,000,000, shows thedesire of the railroad companies to reach this field as quickly as possible andthe value placed by them upon the traffic originating therefrom.

It is our belief that the production this year from the Elkhorn field willbe at least 1,750,000 tons. During 1913 miners' houses and other necessarybuildings will be constructed so as to provide homes for the miners requiredto produce the increasing output of these mines. At present the mines inoperation on the field are producing and shipping 100,000 tons per month.

All the important steel producers have built, or are building, by-productplants, and have, therefore, adopted this method of making coke. Severalhundred thousand tons of our Elkhorn Coal have boon used in the largestby-product plants and gas works in this country, and the coal has beenfound to be uniform in quality and analyses show only % of 1% in sul-phur 3% or under in ash, with only a trace of phosphorus. This is run-of-mine coal as it reaches the consumer and not an analysis of picked sam-ples.- By practical use, therefore, it has been proven an ideal fuel for by-product purposes, yielding a pure metallurgical coke, a large and rich yieldof illuminating gas, together with the other resultant by-products, tar, &c.

Outlook.-The conditions show an improvement over last year and it isbelieved that the production of 1913 will greatly exceed the tonnage of 1912.[The stockholders on Feb. 18 1913 authorized the issuance of $6,500,000

6% 10-year bonds convertible into stock at 105 prior to Feb. 1 1922, andalso an increase of $6,190,500 stock, to take care of the convertible featureof the bonds. A public offering of the bonds was made in March. SeeV. 96, p. 792. Pres. Wheelwright on Feb. 27 1913 reported the company'stotal bonded debt as $28,613,000, including $11,645,000 "1st & ref. M."58, $10.468,000 underlying issues and the $6,500,000 new convertible bonds.Ho also reported the collateral for the new bonds as $1,800,000 North-western Fuel Co. corn. stock; $500,000 Metropolitan Coal Co. stock, and86,500,000 Consol. Coal Co. 1st & ref. M. 5s, or their equivalend in cash,pending deposit of bonds. There are now listed on the N. Y. Stock Exch.$16,345,000 1st & ref. M. 5s, which amount, we learn, includes $4,605,000of the $6,500,000 which are to be pledged for the convertible issue. Seealso V. 96, p. 421, 491, 556, 949.),

RESULTS FOR YEAR ENDING DEC. 31 (INCLUDING SUBSIDIARIE S)Pmnale-1912. 1911. 1910. 1909.

Coal mined 9,238,482 8,231,903 9,370,633 7,325,123Coke manufactured..__ 62,647 43,740 96,692 62,441Coal mined by lessees 536,401 473,008 524,858 466,087Gross earnings (mining .$13,708,564 $11,420,694 $12,712,256 $10,223,087Operating expenses 9,896,157 a8,467,662 9,186,013 7,144,567Deprec. mining plant 247,508 221,618 251,410 206,647Deprec. misc. equipm't_ 96,284 78,999 59,607 68,491Taxes 220,216 222,194 212,179 169,213Interest and exchange.._ 62,092 22,437 5,969 37,850Insurance 39,424 41,803 29,306 25,140Royalties 212,847 172,343 234,180 197,335

Total $10,773,527 $9,227,056 $9,978,664 $7,849,243Net earnings $2,935, $2,193,638 $2,733,592 $2,373,844Int.& diva, on sec. owned 811,853 311,431 197,848 277,815

Total income $3,746,890 $2,505,089 $2,931,440 $2,651,659Deduct-

mt. on Cons. Coal. bds_ $639,224 $517,084 $265,094 $263,520Int. on sub. cos. bonds.. 334,858 355,926 650,376 650,610Sink. fd. Cons. Coal Nis. 162,958 153,618 108,950 79,930Sink. fd. sub. cos. bonds 106,492 94,605 194,444 165,631Cash dividends (6%) - - 1,358,865 1,201,513 1,141,552 b1,009,883

Total deductions $2,602,397 $2,322,746 $2,360,416 2,169,583Balance, surplus $1,144,492 $182,323 $571,024 $482,076

a Cumberland & Pennsylvania RR. depreciation amounting to $108,230in 1911, and insurance, $3,544, is charged to operating expenses in ac-cordance with Inter-State Commerce Commission classification.S Also 60% stock dividend callinz for $6,150,000 paid March 1909 from

accumulated surplus, the profit and loss surplus, including subsidiaries, onDec. 31 1909, after such payment being $6,406,421.

COMBINED GENERAL BALANCE SHEET DECEMBER 31.

1912 1911 1912, 1911.Liabilities- $

PrAopessrerTaccount a47,918 32Adv. plyments on

coal land parch_ 1,355,855Duem tfgreo.mt rul sstt&e b

,650,901

45,255,105

1,145,763

1,236,702

Capital stock Bonded debt Car trust bonds--assumed by C. &P. RR

25,000,00024,410,000

456,000

25,000,00023,234,000

532,000Stocks of allied cos.c3,636,888 2,846,688 Fur. money oblig's 31,429 58,229Other investments. 91,400 41,400 Briar Hill C. & C.Sinking funds._ __ 776,934 774,450 bds.retiredJunelCoal and coke_ _ - - 260,785 345,553 '11 & Juno 1 '12 60,000 30,000Materials,supP.,&c 1,130,882 942,930 Bills payable 1,050,000Bills receivable.....271,650 54,160 Accounts payable_ 833,767 779,319Accts. receivable__ 4,643,426 4,606,158 Pay rolls 308,805 282,250Cash In banks, &c.. 971,401 1,231,856 Royalties payable.. 205,953 186,044Cash for bond int. Bd.int.& divs.due. 61,921 62,223and diva. due__ 61,921 62,223 Bond int. accrued- 246,686 243,293

Specialtoroyalties.. l

deposits too _ 205,128 185,110

Sink. fds. accrued-Div. pay. Jan. 31-

136,340376,000

133,629302,158

Special deposits for Individuals & cos.. 1,640,181 1,204,132Elkhorn improv. 358,371 Profit and losS.__ 8,159,416 7,039,192

Total 62,975,498 59,086,469 Total 62,975,498 59,086,469

a Property account ($47,918,327) includes' Coal lands and other realestate, $34,192275; less reserve for exhaustion, $2,607,086; balance,$31,685,189; mining plants and equipment, $14,333,781; less reserve fordepreciation, $2,635,803; balance, $11,697,982; Cumberland & Penn. 'RR.,33,271,450; less sink, fund for redemption of bonds, $714,506, balance,$2,556,944; Cumberland & Penn. RR.; equipment, $1,832,626; lass reservefor depreciation, $523,174; balance, 31,309,452; floating equipment,$1,141,730; less reserve for depreciation, $472,971; balance, $668,759.

b For 75% of cost of improvements, extensions, &c., $329,773; for ex-penditures on Northern Coal lands, $1,261,127, and for Briar 1101 Coal &Coke bonds retired June 1 1911 and June 11912, $60,000; total, $1,650,901.c Stocks of other companies owned include 18,900 shares Northwestern

Fuel Co. common stock, 2,700 shares Northwestern Fuel Co. prof. stockand 7,513 shares Metropolitan Coal Co. common stock.-V. 96, p. 949.Sinking fund holds $678,000 bonds of other companies.


A pn. 5 19 ' TIIE CHRONICLE 1017

Yukon Gold Co., New York.(Report for Fiscal Year ending Dec. 31 1912.)

Pres. S. R. Guggenheim, N. Y., Feb. 28, wrote:During the year we have acquired by purchase or lease control of the

principal properties of the Iditarod District, Alaska, which we believe willadd substantially to our gross product and net profits. The cash requiredfor purchase, advanced royalties and equipment of the Iditarod propertiesapproximated $1,600,000; this accounts for the increase of about $'725,00in the amount owing to the Guggenheim Exploration Co. The Iditarodproperty was equipped with a dredge moved from the Klondike, and afterthe other dredges have completed their work in that district, it is our inten-tion to transfer them to such other properties as we maypurchaso or acquirefrom time to time, and for which our scouts are continually on the lookout.

Digest of Statement by 0en. Mgr. 0. B. Perry Jan. 31 1913.Property.-We have secured on Flat Creek, the principal producing creek

of the Iditarod District, Alaska, 24 placer claims, either by working agree-ments with the owners or outright purchase, including all the dredgableground for a distance of 4 miles, containing approximately 5,500,000 cu.yds., a large percentage of which is thawed. In the Klondike District somefew purchases of outstanding claims were completed on Upper Bonanzaand other creeks.The No. 7 dredge completed its work on Upper Hunker Creek in Oct.

1911, and was shipped to Flat Creek on the Marietta Claim. To furnishthe dredge with power a 300k. w. plant was erected, consisting of a steam-driven turbine direct connected to a 4,400-volt generator, boiler plant, andtransmission line 2 miles in length.Dredging.-The eight Dawson dredges commenced operations in the first

week of May and worked continuously, until Oct. 24, when they were forcedto suspend, owing to the failure of the power supply, which at the end ofthe season is purchased from the Granville Power Co. The yardage minedtotaled 5,157,280 cu. yds., which produced $3,346,026, or an average of64.88c. per cu. yd.; average cost 30.64c. per Cu. yd. The results, as com-pared with last season, show an increase in yardage of approximately1,000,000 yards and an increase in gross production of $674,181. Thevalue per cu. yd. increased 0.53c. and the cost decreased 4.79c. per cu. yd.The gain in yardage and production is accounted for in part by increasedcapacity duo to the addition of one dredge. The physical conditions werebetter, a large percentage of the material being thawed, and both the thaw-ing and dredging operations showed improvement. Of the area mined,509,544 sq. yds., or -73.58%, was frozen and had to be thawed by, steam.The two new all-steel dredges, finished late in 1911, did excellent work

under severe conditions.The Iditarod dredge commenced operations on Aug. 15 and closed down

for the winter on Oct. 29. The dredge handled 172,333 cu. yds., whichproduced $404,040 gross gold, or an average value of $2 34 per cu. yd.Some of the gravel in the main pay produced $8 90 per cu. yd. This wason the Marietta, which is known as one of the best claims on Flat Creek.The total operating cost was $79,114, which is 45.91c. per Cu. yd. Thelow daily average yardage (2,361 Cu. yds.) and the high costs were due tothe delays incidental to starting up a new plant, the excessive grade of thecreek at the upper end, and the heavy wash. These last two adverseconditions will disappear in working down the creek.

Hydraulic Operations.-A total of 2,967,750 Cu. yds. of gravel werehandled in the hydraulic mines, which produced $629,043 gross gold; anIncrease of 842,000 yds., and $195,000, approximately, in gross production.The value per cu. yd. increased slightly, while the average cost was 9.37c.,as compared with 15.5c. for 1911. This decrease was largely due to thebetter water conditions and the decrease in maintenance and operating costof the main ditch system. The Twelve Mile water system delivered524,249 miners' inches, an increase of 41,669 over 1911, at a total cost foroiperation and maintenance of $76,760, as compared with $135,710 for 1911.With a normal water supply the hydraulic costs should remain in the neigh-borhood of 10c. per Cu. yd. for the remainder of the life of the mines.

Outlook.-The figures given indicate a material gain in all branches of ourosrigaftuiromratapTorvneeignsr msoi:13; 73lethexexcuatIly favorable physical conditions,

OPERATING RESULTS FOR YEAR ENDING DEC. 31 1912.

Production. Work'g Costs. Open Gain.Dawson-dredges $3,346,027 $1,580,290 $1,765,737Dawson-hydraulics 629,044 277,953 351,090Iditarod--dredge 404,040 79,114 324,926Pacific, Atlin, Lay operations on prop-

erties owned and winter drifting_ 484,338 204,672 279,666

Deduct-Royalties paid. $692,995; amortizationcharges, $577,146; interest charges,examinations, $378,686; divs. (6%).

Balance, surplus for year

BALANCE SHEET1912. 1911.

Assets- $Prop. & inv. (lnel.

surveys, &c.)___12,026,121 12,163,413

$4,863,448 $2,142,029 $2,721,419and deferred

general expense and$1,050,000; total_ _ _ _ 2,698,827

DECEMBER 31.1912.

Liabilities- sCapital stock 17,500,000Guggenheim Ex-

$22,592

1911.3

17,500,000

Ditches, dredges,pipe lines, &c.

ploration Co.__ 2,524,972Bills and accounts

1,798,160

(cost) 6,935,801 6,495,481 payable 202,272 127,947Deferred charges Depreciation ___ _ 586,893 434,108

(stripping, &c.) 441,279 559,457 Surplus after divi-Advanced royalties 340,004 dend Dec. 31.... _ 409,276 386,684Supp. & material_ 879,292 605,063Accts. receiv.(1nci.adv. to sub.cos.) 502,965 321,985

Cash 97,351 101,500

Total 21,223,414 20,246,899 Total 21,223,414 20,246,899Quarterly, dividends of 2% (10c. per share, par $5) were paid from

Sept. 301900 to Sept. 301911, inclusive; in Dec. 1911 the rate was reducedto 7 c. per share quer. (1 %), and five dividends at that rate have sincebeen paid, the last on Mar. 31 1913.-V. 95, p. 425.

Indian Refining Company, Inc., New York.(Statement for Half-Year ending Feb. 28 1913.)

Pres. Theodore L. Pomeroy, under date col March 29,writes to the stockholders' protective committee (see a sub-sequent page) substantially as follows:From the comparative balance sheet of Aug. 31 1912 and Feb.281913,

it will be seen that the liabilities have been reduced in the six months'period $1,097,274, while the inventories of oils, merchandise and packageshave been increased $66,254, a total betterment exceeding $1,163,000,about two-thirds of which accrued from earnings and one-third from theliquidation of accounts receivable. This period embraced the three wintermonths, which from the nature of our business, considerably detracted fromthe earnings as compared with a normal period. The earnings are furtherreduced by heavy expenses in settling contracts for the sale of crude oil thatwere being filled at a loss and extended over a considerable period. Takinginto consideration these conditions, there can be no doubt but that thecompany has demonstrated its ability, to make substantial earnings.The remarkable change in the company's earning capacity has to a greatextent been made possible through the radical economies effected by themanagement. The salary expense for February 1913, as compared withFebruary 1912, shows a saving of $29,000 per month, or over 36%, and thegeneral administration expense shows a like economy in excess of $13,000per month, or over 42%, all exclusive of foreign offices' expense, now dis-continued. Further economies are contemplated.It would, therefore, appear conservative in estimating the earnings forthe years 1913 and 1914 to use the actual figures for the six months' periodending Dec. 31 1912. and from the statement of prospective earnings forthose two years it will be seen that after providing $1,000,000 for thesinking fund for the 1st M. bonds for these years and $790,000 for the cartrust notes maturing and capital expenditures, there are estimated surplusniearngs in excess of 2,500,000-more than sufficient to pay off the presentloan and, together with the funded liabilities discharged during the period,wipe out the deficit now carried on the books and show an actual disbursable

surplus. These estimated earnings do not take into account the presenteconomies now in operation, which were not then in force. Tho advance inthe market price of oil will also considerably add to these estimated earnings.The earnings for the present year are substantially assured by the fact

that 77% of this year's estimated refinery production is already requi-sitioned for by contracts and station sales requirements. The board ofdirectors, therefore, earnestly urges upon the committee the importanceof immediately adopting some financial plan to meet the loan now pastdue, thus safeguarding the stockholders their equities in what now showsevery evidence of becoming a profitable investment.

NET PROFITS AND CHANGES IN BALANCE SHEET DURINGHALF-YEAR ENDING FEB. 28 1913.

Reduction in (a) accts. and bills receivable, (b) cash, (c) deferredcharges and (d) sinking fund items $485,977

Net profits after-deducting depreciation of physical properties_ _ 657,466Depr'n written off, $81,152, less net capital exp., $51,265 29,887

Total not profits and assets to be accounted for $1,173,330Disposition of Aforesaid Resources, full y Accounting for Same-

Securities retired: 1st M. bonds (par value). $334,000; car trustnotes retired, $90,570 $424,570

Reduction of accounts payable, $283,335, and bank loans, $416,-000; total, $699,335; less increase in bills payable, &c., $26,631 672,704

Increase in inventories and other accounts 76,056COMPARATIVE CONSOLIDATED BALANCE SHEETS.

Aug. 31'12. Feb.28 '13.Assets- $

Aug. 31 '12. Feb.28'13.$

Capital assets__ _ _ 5,694,441 5,664,554 Common stock__ _ 3,000,000 3,000,000Inventories of oils,&c. (cost) 764,835 831,089

Preferred stock_ __ 3,000,0001st M. bonds out. 3,585,000

3,000,0003,251,000

Advances 69,856 52,223 Car trust obliga-Accounts reedy., tions 581,424 490,855

less reserves_ _ _ _ 1,001,392 740,828 Purchase moneyBills receivable_ _ _ 20,905 33,368 mortgage 28,650 28,650Foreign accounts,

less ressrves__ _ _ 170,703 90,521Vouchers and ac-

counts payable_ 510,870 227,535Cash 143,244 126,846 Secured bank loans 2,600,000 2,184,000a Accts. substan- Bills payable 274,929 301,426

tially assumed__ 594,786 604,588 Int. accrued 98,573 98,707Int., taxes and ins. Unclaimed diva... 1,333 1,333

unexpired 28,450 15,643 Insur. fund reserve 14,791 14,573Ins. fund assets_ _ _ 14,791 14,572 Bk. fd. profits (leesSink, fund assets_ 237,234 191,245 exp. in suspense) 35,983 49,778Organ., &c., exp_ _ 635,970 584,905Prof. Sr loss deficit 4,354,939 3,697,473

Total 13,731,553 12,647.857 Total 13,731,553 12,647,857a Accounts substantially assumed by Richard Levering in process of

adjustment. Compare statement of Nov. 4 1912 in V. 95, p. 1330.1334, 1405.

(The) Montana Power Co. (of N. j.), New York, N. Y.(Official Statement of March 15 1913.)

Sec. Henry F. Kroyer, 71 Broadway, March 15, wrotein substance:

Merger.-By the consolidation of Dec. 12 1912 (V. 95,_p. 1334), the Mon-tana Power Co. acquired the physical properties of the Butte El. & PowerCo. Missouri River El. & Power Co., Madison River Power Co., Billings& Eitstern Montana Power Co. and the stocks of other companies, includ-ing one-half of the capital stock of the Great Falls Water Power & Town-site Co., which was the owner of all of the stock of the Great Falls PowerCo. (V. 94, p. 985). The company also received $3,900,000 cash paid inon a like amount of its pref. stock and upwards of $2,500,000 in cashthrough the exercise of subscription rights by holders of Butte Electric &Power Co. stock-purchase warrants, in all over $6,400,000 cash, without anyincrease of indebtedness.

Since the consolidation the company has acquired all the capital stock ofthe Thompson Falls Power Co. [Thompson Falls and Missoula River powersites and development], and the remaining half of the stock of the GreatFalls Water Power & Townsite Co.; in consideration of the issue of $5,000,-000 pref. stock and of $22,500,000 common stock, that is not to share individends except as hereinafter stated.

Capitalization-Outstanding in Hands of Public.Bonds and notes of constituent companies $15,146,000Pref. stock, 7% cum., red. after 3 years at 120% and diva.(authorized $25,000,000) 9,700,000

Common stock (auth. $75,000,000), issued and entitled to sharein dividends 27,134,000Issued but not entitled to share in divs. except as hereinafter

stated 22,500,000Of the above-mentioned $22,500,000 common stock, (a) $17,500,000 is not

to begin bearing dividends until after the complete installation of a new damand hydro-electric plant near Great Falls, with a capacity of at least 30,000h. p., and is then only to share in dividends as follows: When the Ch. Mil. &St. Paul Ry. Co. has taken power for six months under the contract here-inafter referred to with the Great Falls Power Co., or whenever the grossearnings of the Great Falls Power Co. shall for any fiscal year haveamounted to $1,750,000, then $2,500,000 of this stock is to become entitledto share thereafter in dividends, and the balance is to become entitled toshare in dividends in installments of $3,000,000 at intervals of one, two,three, four and five years thereafter. (b) $5000,000 is not to begin bear-ing dividends until after the complete installation of the new dam and hydro-electric plant at Thompson Falls, which it is estimated will have a capacityof 30,000 h. p., and is then only to share in dividends as follows: When theCh. Mil. & St. Paul Ry. Co. has taken power for six months under the con-tract hereinafter mentioned with the Thompson Falls Co., then $2,503,000thereof shall become entitled to share thereafter in dividends and the re-maining $2,500,000 shall become so entitled after another year.[Thompson, Towle & Co. report the $15,146,000 underlying bonds and

notes in the hands of the public as of Mar. 15 1913 as follows:Butte El. & P. Co. 1st 5834,283,0001Mo. Riv. El. & Power Co.Mad. Riv. Pow. Co. 1st 5s 2,396,000 Ref. and ext. 5s $28,000Mont. P. Transmission Co. 9-year 6% notes 286,000

1st 55 585,000 United Mo. Riv, P.Co. Os 977,000Butte M. & Bill. Cos. joint Mo. Riv. Pow. Co. 6s.._ - - 575,000M non-convert. 6s_ _ _ _ 1,120,000 Capital City Pow. Co. 6s_ 1,000

Great Falls Power Co. 5s- 4.895,000Compare Montana Power Co. and Great Falls Power Co. in "Ry. and

Indus." Sec. and Missouri River El. Power Co. in V. 95, p. 300, UnitedMissouri River Power Co. in V. 88, p. 752.]

DESCRIPTION OF PROPERTIES.Butte El. & Power Co. Property.-(1) System distributing electric light and

power throughout Butte and suburbs and also furnishing power to the streetrailway. (2) Central steam heating plant (exhaust steam), boiler capacity1,600 h. p.; steam heating pipes in 6-ft. tunnels. (3) Gas generating plant,mains, &c. (4) Plant for manufacture of tar paper, pitch and paint fromcoal tar product of gas plant. (5) At Divide, on Big Hole River, 22 milesfrom Butte, hydro-electric plant of 4,000 h. p. rated capacity, with double-circuit transmission line to Butte. (6) Dam at Divide, storage capacity400,000,000 Cu. ft. (7) At Great Falls, Aleut., street railway and elec-tric lighting system. (8) At Conrad, Mont., steam electric generatingstation of 150 h. p., and lighting system. (9) At Lewistown, Mont., twowater power developments, steam reserve plants and distribution systemsupplying electric light and power to city, &c. (V.87, p. 41; V. 88, p. 1623).The mines of the Butte district produce annually over 300,000,000 lbs.

of copper, which is about 25% of the American production.Madison River Power Co. Property.-(1) Two hydro-electric plants on

Madison River, aggregate capacity 15.000 h. p. (2) Reservoir area 9 sq.miles, capacity one billion cu. ft. (3) Three transmission lines, one on steeltowers, to Butte, 61 miles, and including also Livingston, Whitehall,Parrot, Divide, Manhattan, Three Forks, Ruby, Alder, Laurin, Sheridan.

BTwin ridges and Hunter's Hot Springs. (4) At Bozeman, Mont., elec-tric lighting property. (5) At Livingston, Mont., electric light and powerproperty; hydro-electric plant 2,000 h. p. on Yellowstone River.

Billings & Eastern Montana Power Co. Property.-Two hydro-electricplants at Billings, Mont., on Yellowstone River, combined capacity 2,000h. p.; steam turbine auxiliary, 1,000 h. p. capacity, and lighting and power

, distributing system in Billings and its suburbs. 'transmission lines west-


1018 THE CHRONICLE [VOL. xcn.

ft

ward to Big Timber, Mont., 84 miles, supplying also Laurel, the shops ofthe Northern Pacific Ry. and power for pumping water for irrigating lands.

Missouri River Electric & Power Co. Property.-Two water power plantson the Missouri River and an auxiliary steam power plant at Butte, com-bined generating capacity 30.000 electrical h. p. Also owns additionalpower sites and water rights on Missouri River capable of developing 46,700electrical h. p. The transmission lines extend to Anaconda, Butte, Helena.East Helena, Boulder, Deer Lodge, Stuart, Holier, Mitchell, Radersburg,Townsend, Wolf Creek, Wickes, &c. Extensions are contemplated. Theterritory served is rich in agricultural and mineral resources, and is beingrapidly developed. Has contract to pump water for irrigation purposes inthe Prickly Pear Valley, near Helena, Mont.; about 20,000 acres will beIrrigated, 6,000 acres of this in spring of 1913 (V.95, p.300).

Great Falls Water Power & Townsite Co. Property.-Includes all the stockof the Great Falle•Power Co. and two-thirds of the capital stock of the GreatFalls Townsite Co., which company owns valuable lands and lets in andabout the city of Great Falls, and the Rainbow Hotel, built in 1911 ata cost of over $400,000.

Great Falls Power Co. Property.-All the water powers and appurtenantrights on the Missouri River at Great Falls, including the dam and waterpower at Black Eagle Falls of over 8,000 h. p. capacity; dam and hydroelectric plant at Rainbow Falls, completed in 1910, 36,000 h. p. rated ca-pacity; double steel-tower high-tension transmission line to Butte, 135miles, single steel-tower line from Butte to Anaconda. 21 miles. (V. 94,p. 985; V. 93, p. 472).Thompson Falls Power Co.-Owns and is developing a water power site

at Thompson Falls, on Clark's Fork of the Columbia River, near the west-ern boundary of Montana, that will generate about 30,000 h. p. Alsohas in operation a 1,000 h. p. plant on Prospect Creek, near ThompsonFalls, furnishing light and power to Plains, Paradise and Thompson Falls.Montana Reservoir & Irrigation Co.-The Montana Power Co. owns the

entire issued capital stock, $985,000. This subsidiary has Just completedat head of Madison River the Hebgen Reservoir, with a dam 40 ft. high,having a storage capacity of thirteen billion cu. ft., to equalize the flow ofthe Madison and Missouri rivers and provide more water for irrigation.

PRESENT CAPACITY AND MAXIMUM AND AVERAGE OUTPUT OFCOMBINED PLANTS.

Capacity. Max .Output. Av. Output.Montana Power Co. system...._ 59,000 h. p. 45,000 h. p. 27,000 h. P •Great Falls Power Co 44,000 h. p. 41,000 h. p. 35,000 h. p.Thompson Falls Power Co_ 1,000 h. p.

Total 104,000 h. p. 86,000 h. p. 62,000 h. p.The estimated capacity of water power sites owned by the company, un-

developed and in course of development, is 243,000 h. p., making a totalcapacity developed and undeveloped of 347,000 h. p.

COMPLETED HYDRO-ELECTRIC PLANTS (Rated_Capacity, H. P.).

Rainbow Falls (Mo. Riv.) 36.000 Madison No. 1 (Mad. Ely.) 3.000Black Eagle Falls do - 8,000 Madison No. 2 do _ _12,000Hauser Lake do _ _ _19,000 Livingston (Yellowst. Ely.) __ 2,000Canyon Ferry do _ _ _10,000 Billings do __ 2,000Big Hole River plant 4,000 Near Lewistown do -- 1,000Steam Reserve Plants.-At Butte (2). 4,750 h. p.; Billings, 1,000h. p., and Lewistown, 250 h. p 6,000

POWER SITES UNDEVELOPED AND IN COURSE OF DEVELOPMENTAGGREGATE EST. CAPACITY 241,700 H. P.

At or near Great Falls 150,000 Clark's Fork at T'ps'n Falls.. 30,000At Holier Lake 46,700 I Missoula River 15,000

Transmission Lines.-Owns and operates 1,200 miles of transmissionlines by which all of its hydro-electric developments are connected. ensur-ing continuous service, 342 miles being steel tower and 858 substantial polelines. These lines reach and connect with all of our plants the followingcities and towns, in which we furnish power and light:AnacondaAmazonAlderButteBelgrade

Boulder Hot Conrad Huntley MoccasinSprings Deer Lodge Havre Manhattan

Box Elder East Helena Holter MitchellBelt Fort• Benton Keating Park CityColumbus Great Falls Laurel Radersburg

StuartTridentThree ForksTownsendTwin Bridges

Big Timber Canyon FerryGregson Lewistown Ruby WhitehallBillings Clancy-Al- Helena Livingston Sheridan WindhamBoulder hambra Hunters' Hot Laurin Sand Coulee WickesBozeman Cascade Springs Moore Stockett Well CreekExtensions have been authorized to Joliet, Fromberg, Bridger, Bear

Creek and Red Lodge.Uses of Power.-Furnishes electric power and lighting and owns lighting

systems and franchises in cities of Butte, Great Falls, Billings, Livingston,Bozeman, Lewistown and 45 smaller towns; owns the property and fran-chises of the Great Falls Street Ry. Furnishes power at wholesale for thelighting and street railways of City of Helena and for the street railway ofButte. Furnishes power for mining operations throughout the State,principally at Butte, where 12,000 men are employed by the mining com-panies and where approximately 25,000 electrical h. p. is used in the opera-tion of the mines. Also furnishes power for the copper smelting plants atAnaconda and Great Falls, employing about 4,000 men and using about18,000 electrical h. p. Coal mines take about 2,500 h. p.

Contracts with Ch. Mil. & St. P. Ry.-The Great Falls Power Co. and theThompson Falls Power Co., the complete ownership of whose stock hasbeen acquired, have entered into contracts with the Ch. Mil. & St. Paul Ry.for the electrification of about 450 miles of its main transcontinental line,from Harlowtown, Mont., to Avery, Idaho. and for electric power to oper-ate the same. Under these contracts, which cover a period of 99 years,to go into effect on or before Jan. 11918, the railway company is bound totake and pay for 20,000 k. w. (about 26,500 h. p.), and has taken optionson additional power to the extent of 30,000 k.w. (about 40,000 h.p.), whichoption must be exercised one-half in five years and one-half in ten years,but not less than one-half the amount under option must be taken, if any.(Compare V. 96, P. 135.)

EARNINGS FOR CAL. YEARS (1913 TO 1915 ESTIMATED), WITHPRESENT INTEREST AND PREF. DIV. CHARGE.

(No revenues (ron the 0. M. & St.1912.

Gross earnings $3,029,875Net earnings 1,991,469Interest on bonds & notes 786,510

7% on preferred stock__ 679,000

Paul contracts included.)1913 (est.). 1914 (est.). 1915 (est.).$3,280,000 $3.664,000 $4,121,0002,284,000 2,636,000 3.059,000[Int. on $15,138,000 bonds and

notes now out.](Div. on $9,700,000 pref. stock now

out.)

Balance, surplus $525,959Territory Served and to Be Served by Plants now Developed or in Course of

Development.-From western line of State to Billings, 540 miles, and fromYellowstone Park, on southern line of State, to Havre, on the Great North-ern Ry., within a few miles of the Canadian border, embracing the prin-cipal agricultural, timber and mining section of the State, and practicallyall of its large cities and towns. This territory is traverserd by the Ch. Mil.& St. Paul Ry., Northern Pacific Ry., Great Northern Ry. and UnionPacific Ry., while the Soo Line, owned by the Canadian Pacific Ry., hasbegun the construction of a large mileage in the territory tributary to GreatFalls and Lewistown.-V. 96, P. 949, 793.

Eastman Kodak Co., Rochester, N. Y.

(Report for Fiscal Year ending Dec. 31 1912.)COMPANY AND ITS SUBSIDIARIES-INCOME ACCOUNT FOR

CALENDAR YEARS.1912. 1911. 1910. 1909.

Net profits after deprec..$13.999,047 $11,649,263 $8,975,177 $7,852,575Divs. paid and accrued-On pref. stock (6 %) - - $369,942 $369,942 $369,942 $369,942On common stock .....- 7,807,958 7,804,905 7,806,300 5,856 210

• Do rate per cent..__ (40%) (40%) (40%) (310)Reserve for renewals.. _ _ 1,00 ,000

Total $8,177,900 $8,174,847 $8,176,332 $7,226,152Surplus $5,821,147 $3,474,416 $798,845 $626 ,

EASTMAN KODAK CO. OF NEW JERSEY AND SUBSIDIARYCOMPANIES-COMBINED BALANCE SHEET DEC. 31.

1912.Assets-

Plant, pat'ts, goodwill, &c 32,014,371

Welfare fund assets 1,025,521Supplies 9,733,650Accounts and bills •

receivable (net) _ 3,317,703Bonds and stocks_y1,335,914Cash 5,634,064Miscellaneous 139,652

1911.

28,917,763510,220

7,367,105

2,731,6542,038,7984,912,766

78,614

Total 53,250,875 46,556,920

1912. 1911.

Common stock ..19,522,800 19,512,300Preferred stock.._ _ 6,165,701) 8,165,700Accounts payable_ 1,511,010 1,187,169Pref. div. Jan. 1_ 92,486 92,486Corn. div. Jan. I__ 488,070 489,655Welfare fund res__ 1,025,521 510,220Reserve for depr.,

renewals, capitalpurposes, &c... 6,937,853 6,413,102

Surplus 17,507,435 12,186,288

Total 53,250,875 46,556,920

y Market value Dec. 311912, 31,606,912.-V. 95, p. 820.

Emerson-Brantingliam Co. (Agricultural Implements),Rockford, Ill.

(Results for Five Months ending Dec. 311912.)This company, whose pref. stock was offered by William

Salomon & Co. last August (V. 95, p. 363), began payingquarterly divs. of 1Vi% on said stock on Nov. 1 1912.

Regarding the earnings as shown by the income account, it is unofficiallypointed out that the monthly earnings of all agricultural implement com-panies fluctuate widely in accordance with the season, the months of bigsales and earnings falling much more in the spring and summer than in theautumn and winter. Under the circumstances, the five months' earningsare regarded as very satisfactory and quite up to expectations. Since thefirst of the year the booking of new business has gone forward rapidly,unfilled orders on Feb. 8 amounting to more than $4,000,000The company, it was stated last week, has borrowed no money at more

than 5% during the past sixty days, notwithstanding prevailing high rates,and a good deal of its paper has been put out at 4 %%. The companyenjoys the right to borrow from its regular banks of deposit, according toarrangements made, to an amount aggregating over $3,000,000, none ofwhich lines are at present being used at all.

INCOME ACCOUNT FOR FIVE MONTHS ENDING DEC. 31 1912.*Gross manufacturing profit, $1,202,985; misc. (int. on notes

revolvable, &c.), $189,050 $1,392,035Selling and general expenses, $762,150; int. on notes, &c.,$77,250 839,400

•Net income available for dividends (see above) $552,635

* Based on estimated inventories and subject to revision to such extentas may be found necessary whn physcial inventories are taken.

BALANCE SHEET DECEMBER 3Property, plant. &c $.5,914,365Patents and good-will..__ 4,449,270Cash 890,249Notes & accts. receivable 8,112,549Inventories 7,052,513Prepaid Ins., int. & taxes 157,365Advances 213,509

1912 (total each side 326,789.820) •Preferred stock $12,170,500Common stock 10,132,500Notes and accounts pay-

able 3,871,755Accrued taxes 126,707Profit and loss _

_- - _ _

-488,358

-V. 95, p. 1042, ----

M. Rumely Co., Inc., La Porte, Ind.

(Report for Fiscal Year ending Dec. 311912.)

Pres. A. J. Rumely, La Porte, April 2, wrote in substance:Accounts.-For convenience the accounts of the company are presented

in combination with the accounts of the Rumely Products Co. and theNorthwest Thresher Co., the business and the assets of the latter companyhaving been acquired in the course of the year.

Gross Sales.-Gross sales for the year 1912 were $17,597,431, showing alarge increase over all previous years. When reduced to a net basis bydeducting discount, they were 41.5% greater than the aggregate of the salesof the previous year of the M. Rumely Co. and the other companies whoseassets and businesses it acquired.Comparative StatemanokIncluding the Operations of the Companies Acquired.

1909. 1910. 1911.$6.033,000 $6,959,000 $7,701,000 $11,256,000 $151,992142;Net sales 000

Profits $476,000 $937,000 $794,000 $1,665,000 $1,824,000Notwithstanding the growing demand for oil-pull tractors, that commod-

ity aggregates less than 25% of the total business.Capital Stock.-The amount of common stock outstanding was increased

during the year by $1,718,300. which WAS issued for the purchase of theNorthwest Thresher Co., the Johnson Orchard Tractor and to secureadditional working capital (V. 95, p. 1750).

Since Jan. 1 1913 the stockholders have approved an increase of theauthorized common capital stock from $12,000,000 to $22,000,000, to pro-vide for the conversion privilege of the 2-year notes referred to below(V. 96, p. 207).

Fixed Assets and Investments.-The present amount of $7,784,890 cormpares with $6,803,141 at Jan. 11912. and is based on appraisal with addi-tions during the year by purchase of the Northwest Thresher Co. and actualadditions and construction at cost (V. 95, p. 1750).

Current Assets.-Total current assets, $21,738,678; current liabilities,$9,462,852: net current assets, $12,275,826.

Convertible Notes.-Since Dec. 31 1912 $10,000,000 2-year 6% convertiblenotes have been sold on terms favorable to the company, to fund currentliabilities, and to limit future short-time borrowings as nearly as possibleto its seasonal requirements (V. 96, p. 494, 557)•

Deferred Charges.-In order that no good-will item shall appear in thebalance sheet, the directors have set up as deferred charges certain extraor-dinary expenses incurred in connection with taking over the businesses andassets of the companies which have been purchased, to be written off atconvenience over a period of years.

Inventory.-During the year there has been an increase In inventoryfrom $6,951,202 to $11,324,224, or $4,373.022, in order to place the com-pany in a position to deliver promptly engines required for the spring trade.

Surplus and Undivided Profits.-There was shown on the balance sheetof Dec. 31 1911 a surplus of $790,769, from which there has been deducted,as indicated in the last annual statement, an amount of $351,016, leavinga net surplus at the beginning of the year of $439,753. To this was addedthe net profit of $1,481,691, including but 2 months' earnings of the North-west Thresher Co. from Nov. 1. the date of acquisition, the previous 10months' earnings having been taken into the assets of the M. Rumely Co.The surplus at Dec. 31 1912 was $590,830, after providing for dividends

on the pref.

stock of $700,614, and for certain other deductions which werecharged off by your directors. These were: $50,000 experimental expenseincurred in 1911 for a marine engine which proved successful in burning oiland $580,000 est. cost of taking over the distributing agencies of the old cos.

Analysis of Sales.-Of the total gross sales, $11,595,000 approximatelywere domestic business and $6,000,000 export. Sales by commodities:Regular thresher lines, $11,172,000 (63.5%); oil-pull tractors, $4,138,000(23.5%); repairs and supplies, $1,125,000 (6.4%); jobbing merchandise,$1.162,000 (6.6%).

Northwest Thresher Co.-The Rumely Products Co. purchased on a job-bing basis substantially the entire output of the Northwest Thresher Co.during the year. The sales of these engines increased, so that it was neces-sary to increase the factory output from two per day in the spring to sixper day in the fall to meet the demand. As of Nov. 1 the plant, businessand assets of the Northwest Thresher Co. were acquired by the M. RumelyCo. in exchange fcr common stock.

Growth.-The past five years have been a period of continuous growth,during which the volume of sales has increased from $821,000 (in 1907) to$17.597,431 in 1912 (this latter figure including the volume acquired by thepurchase of the business of the Advance and Gaar-Scott plants, anountingin 1911 to $5.344,661). This twenty-fold increase in volume was accom-panied by a fifteen-fold increase in its capital and surplus from $1,359,308to $21.499,131.


IVPli. 6 1913.] THE CHRONICLE 1019

RESULTS FOR CALENDAR YEARS.

1912. 1911.

Gross sales 615,143,870 10,588,585Other income 586,165 445,251

Total income_ _ _15,730,035 11,031,836Deduct-

Interest & 553,385 316,158

1912. 1911.Deduc. (Con.)-

Mfg., &c., exp.. _ A3,032,7771 9,251,369Bad debts & notes 319,392fb Pref. divid. (7%) 700,814 (7-12)58,333

-- -Total deduc'ns_14,606,148 9,625,860

Balance, surplus__ 1,123,887 1,405,976

a After deducting, in 1912, $2,453,561 for discount freight and duty.

b The pref. div. deducted above from the earnings of 1911 is that accrued

for the month of December 1911. A payment for 4 months (2.34%) in-

cluding this month, was made on April 1 1912. The company was re-capitalized on Dec. 1 1911, and no deductions for dividends are shown

prior to that time.

An initial quar. div. of 13,6% was paid on tho corn. stock Mar. 15 1913.

Note.-The above statement includes $3,960 profits of the RumelyProducts Co. and $342,809 representing net earnings of the NorthwestThresher Co. for the 10 mos. prior to its purchase by the M. Rumely Co.on Nov. 1 1912, but during which period practically all of its productwas marketed by the Rumely Products Co.

CONSOLIDATED BALANCE SHEET DECEMBER 31.1912.

Assets-Real est., bldgs,ts 6,938,050Patents 1,658,036Investments x848,840Inventories 11,324,224Prepaid int., &c 282,397Disc. on secs. sold. 338,407Notes receiv., &c.16,853,304Customers' notesAccts. receivable 2,065,128Cash 1,213,826Deferred items_ e650,000

1911.$

5,042,6501,500,0001,760,4916,951,202

372,0005.861,9621,056,9471,739,745351,016

1912. 1911.

Common stock_ _ _10,908,300 0,190,000Preferred stock_ .10,000,000 10,000,000Capital stock ofRumely Prod.Co 25,000

Notes payable_ __ _ 7,785,000 4,596,911Accounts payable& accrued taxes_ 1,677,8521

Reserve for loss onnotes receivable. 1,181.029

Dividend accrued_ 58,333Profit and loss_ _ _ _ *590,831 790,769

Total 32,168,011 24,838,013 Total 32,168,011 24,836,013

x Includes in 1912 Canadian Rumely Co. stock at cost, 3700,360; IndianaMfg. Co. stock at cost, $104,200; and misc. stocks, $42,280. I/ Afterdeducting $1,269.317 for commission certificates. z Includes $400,000.the estimated cost of reorganizing factories, eliminating duplicate lines ofmachinery, &c., and $250,000, the estimated cost of establishing new linesof machinery salable during the dull season. *After writing off $351,011'deferred charges as per last year's balance sheet; '1911 experimental exp.,'$50,000, and estimated cost of taking over old companies, $580,000.-V. 96, p. 657, 557.

The Ontario Power Co. of Niagara Palls.(Report for Fiscal Year ending Dec. 31 1912.)

The report, signed by Pres. J. J. Albright and Sec.-Treas.Robert C. Board, at Buffalo on Jan. 27, says in substance:

Business.-The growth of the business during the past year shows a verymarked increase over the previous year. The gain of 1912 over 1911 isgreater than the increase shown at any other period. In every year sincethe company began business there has been an increase over the previousyear, as shown by the following totals:

Number of Kilowatt Hours Generated (000 Omitted).1912. 1911. 1910. 1909. 1908. 1907. '06 (6 mo.)

510,966 382,180 310,737 226,744 139,816 60,837 9,133Contracts for Sale of Power.-The power generated is sold under contract

as follows: (a) To the Niagara Lockport & Ontario Power Co. at the inter-national boundary lino, for distribution over 816 miles of high-voltagetransmission lines.from the Niagara River to Syracuse, and from Lockportto Dunkirk, N. Y. This power is used to operate 13 traction lines, over610 Miles of railroads, including the trolley systems in Oswego, Syracuse

thand Rochester, and e interurban roads between Rochester and Canan-daigua, Rochester and Mount Morris, Rochester and Sodus Bay and be-tween Buffalo and Dunkirk. (b) Through the Hydro-Electric Power Com-mission of Ontario for distribution throughout the Province of Ontario.This commission has in operation 768 miles of lines and has made contractswith 35 corporations and municipalities, including the cities of Hamilton,Toronto, London and Guelph. (c) To distributing companies, manu-facturers, olectro-chemical, electro-metallurgical and other industries atNiagara Palls, Ontario and the territory adjacent to the Welland Canal.

Capacity of Plant.-We now have ten generators installed, with a ratedcapacity of 117,000 h. p. The two additional generators and turbines or-dered about a year ago are now being installed. They will each have arated capacity of 13,000 h. p., which will give us a total capacity of 143,000h. p. Generator No. 11 will probably be in service next month, and gen-erator No. 12 will be ready for operation in April. Units Nos. 13 and 14,of 13,000 h. p. each, have been ordered. The company has the right to putin a third conduit 18 feet in diameter, which will furnish water for the de-velopment of approximately 70,000 additional h. p., the headworks hav-ing been originally constructed for the full development of three conduits18 feet in diameter each. All of the principal buildings are of fireproofconstruction and are kept insured for a nominal cost, the risk beingrated so that the premium paid is the very lowest rate. (V. 96, p. 493.)As the earnings increased so rapidly during the last half of theyear, your

directors felt justified in declaring in November an initial dividend of 134which was paid on Dec. 2 1912, calling for $109,587. [Quarterly dividendNo. 2, also of IX %, has been declared, payable Mch. 1.-Ed.)A map attached to the pamphlet report shows the transmission lines over

which the power generated by us is distributed. The total length is about1,812 miles. The most distant point where the power is used is Osweho,which is 196 miles from the power house by the route of the transmissionlines.]

ONTARIO POWER CO. AND ONTARIO TRANSMISSION CO. INCOME

ACCOUNT. [Eliminating

of power vernmont rental

Inter-Company Payments.]

1912. 1911.*$1,229,995 $925,628

66,471 57,576

1910.$773,498

51,597

Gross earnings $1,163,524 $868,052 $721,901Operating expenses 171,434 148,395 136,100

Not earnings $992,090 $719,657 $585,801Other receipts 22,286 14,629 22,161

Total net income $1„014,377 $734,286 $607,962Interest: Ont. Pow. Co. 1st 5s $377,008 $341,408 $264,257Ont. Transmission Co. 1st 5s 92,306 88,818 76,192Out. Power Co. deb. 6s 179,622 180,000 180,000

Total interest $648,936 $610,226 $520,449Surplus $365,441 $124,060 $87,513

* After deducting purchased power, $3,674.

CONSOLIDATED BALANCE SHEET DEC.311912.1912.

Assets- $1911.$ Liabilities-

1912. 1911.

Property & plant_23,523,424 22,213,957 Ont. Pow. Co. stk. 8,798,000 8,215,000Stocks & bonds of Ont. Tr. Co. stock 1,000,000 1,000,000

other companies 16,300 100,614 Ont.Pow.Co.Ist 5s. 8,795,000 8,272,000Prepaid insurance_ 13,770 15,693 Ont. Tr. Co. 1st 5s 1,935,000 1,803,000Cash 223,094 123,864 Ont.Pow.Co.deb.6s 2,985,000 3,000,000Accts. receivable...1 472,483 1270,498 Bills & accts. pay_ 9,772 39,863Bills receivable__ .1 1 6,880 Accr. int.,taxes4c 280,945 186,924Ont. Transm. Co. Dble, bills rec. (see

1st 5s sink. fund 807 contra) 74,748Contingent a.ssets. 16,720 16,939 Reserves 17,140 37,335131IIS receiv.-diso. Miscellaneous _ 500

(see contra)_ 74,748 Profit 445,355 194,931Miscellaneous - _ 443 500

Total 24,266,213 22,824,301 Total 24,266,213 22,824.301-V. 90, p. 493.

Niagara Lockport & Ontario Power Co.(Report for Fiscal Year ending Dec. 31 1912.)

Pres. Francis V. Greene, Buffalo, Feb. 28, wrote in subst.:Securities .-The $2.000.000 5-year 5% notes matured on June 1 1912;

$2,000,000 new first pref. stock was sold at par and the notes were paid andcremated. [John J. Albright of Buffalo, the Electric Power Securities Co.and Westinghouse Elec. & Mfg. Co. agreed to purchase at par the $2,000,-000 first pref. stock, and the Securities Co. (which is controlled by theWestinghouse Elec. & Mfg. Co.) stated to the P. S. Commissioners inApril 1912 that it owned $918,700 of the 2d pref. stock and $627.500 corn.stock, and desired to purchase $1,000,000 of the new 1st prof. and $68,5002d pref.]

Customers.-Among our customers nearly all of whom are large users ofpower, are 13 public service corporations delivering power to every town ofconsiderable size (excluding the towns and cities bordering on the NiagaraRiver) along the lines of the N. Y. Central RR. system between Syracuseand Dunkirk, including Syracuse, Auburn, Rochester, Batavia and Lock-port; 17 electric traction lines operating nearly 900 miles of road; fourmanufacturing corporations, including the Lackawanna Steel Co. with its7,000 employees. The territory thus supplied has a population of upwardsof 1,250,000.

Additional Power Supply.-In view of the growth of the business yourdirectors decided to provide for future growth by adding a hydro-electricplant on the Salmon River and steam power stations at Lyons. N. Y., andAuburn, N. Y. The two steam plants [acquired from the RochesterSyracuse & Eastern RR. and the Auburn & Syracuse Elec. RR. for $600,000and $226,000, respectively] are to be paid for in quarterly installmentsextending over a period of 20 years. They have a present capacity of about9,500 b. p., but at comparatively small expense this can be increased to14,000 h. p.The Salmon River plant is the property of the Salmon River Power Co.,

but is leased to your company for a term of 40 years, and will be operatedby your company, which has already acquired all of its capital stockhitherto issued. The initial development of 15,000 h. p. is now underconstruction, and the contracts call for its completion in time to deliverpower by Nov. 1 1913. [As to present issue of $2,353,000 guar. 1st M. 5%bonds of Salmon River Power Co., see V. 95, p. 1043.1In connection with the purchase of these steam plants, the company

entered into a contract to supply power to the various trolley roads, knownas the Beebe system, and recently consolidated under the name of EmpireUnited Railways Co. [V. 96. p. 553]. By this contract the mileage of elec-tric railroads to which we supply power was increased 231 miles. The com-pany also acquired valuable transmission privileges along these railroads.

RESULTS FOR CALENDAR YEARS.

1912. 1911.K. NV. hours

delivered230,899,434 193,864,268

1910.

177,722,627

1909.

159,008,298

1908.

96,575,110H. p. sold_ 57,144 48,493 44,834 38,131 25,500Total rects. $1,329,643 $1,123,723 $1,051,522 $863,774 $592,103Gross inc__ $644,781 $587,322 $555,634 $448,513 $216,526Net income $432.451 $381,231 $351,521 $251,956 $42,876

INCOME ACCOUNT FOR YEARS ENDING DEC. 31.1912. 1911. 1912. 1911.

Sales of elec.power $1,306,232 $1,100,744 Taxes, rents, d,c__ $45,691 $42,979Coat of power_ _ .684,863 536,401 Int. on 1st M. bds. x250,009 250,000

Int. on 5-yr. notes. 41,667 100,000$621,369 $564,343Gross earnings__ Sinking fund pay-

Net earns. (after ments 55,147 49,653operating exp.).. $451,30 $401,231

Other income 23,412 22,979Balance, surp. *r

$478,142 $424,210Gross income deficit sur.$85,637 def.$18,422* Includes in 1912 power purchased, $674.179, and power produced.

$10.684. x Includes interest on bonds in sinking fund ($7,835 in 1912) •

GENERAL BALANCE SHEET DECEMBER 31.1912.

Assets- $Property & plant _11,201,831

1911.$

10,326,944

1912.Liabilities-- $

1st pref. stock.... 2,700,000

1911.$

Sinking fund cash_ 596 31 2d pref. stock _ _ _ _ 2,000,000} 4,001,000Treasury stock_ a851,000 Common stock.. _ 1,230,000Investments b760,000 57,096 First mtge. bonds_ 4,779,000 4,850,000Working assets_ _ _ 71,122 64,182 5-year 5% couponCurrent assets__ _ _ 296,536 189,048 notes 2,000,000Cash for construe_ 45,197 106,731 Accrued liabilities_ 50,376Contingent assets_ 44,548 24,639 Contr. pur. plants. c815,675Notes reedy. disc_ 8,099 18,913 Current liabilities.. 315,412 257,707

Unearned int., d,c_ 3,213 492Reserves 355,417 420,592Disc. notes receiv_ 8,099 18,913Profit and loss_ _ _ _ 170,736 89,880

Total 12,427,929 11,838,584 Total 12,427,929 11,838.584

a Includes $4,000 (par value) common stock and $847,000 voting trustcertificates evidencing ownership of certain treasury sock deposited witha voting trust trustee. b Includes $700,000 Salmon River Power Co. stockand $60,000 Niagara & Erie Power Co. stock. c Contract of purchase ofLyons and Auburn steam plants.The company has a contingent liability as guarantor, both as to principal

and interest, of 50% of the 1st M. 5% 30-year gold bonds of the NiagaraErie Power Co.. of which there were $510,000 outstanding at Dec. 311912,and of 50% of the annual sinking fund payments to be made by thatcompany, commencing Jan. 1 1916; also as guarantor both as to principaland interest of the 1st M. 5% gold bonds of the Salmon River Power (Jo. ofwhich there was $680,000 outstanding at Dec. 311912.-V. 96, p. 950. 866.

United States Envelope Co.(Report for Fiscal Year ending Dec. 31 1912.)

Treas. William 0. Day says: "There has been-added dur-ing the year to our permanent plant and equipment, inmachinery, $144,770, and in real estate and buildings, 087.

EARNINGS,YearCHARGES, &C.

ending Dec.1911.

31 6 Mos. end.Dec. 31 '09.1912. 1910.

Profit $727,035 $722,378 $751,971 $335,913Deduct-

Int. on first mtge. bonds_ $94.792 $97,292 $99,792 $50,000Int. on deb. bonds, &c 104 1,400 3,196 2,400Div. on pref. stock_ _ _ (7%)262,500 (7)262,500 (7)262,500 (3)112,500Def. div. on pref. stock (2 Y5)93,750 (23)93,750 (1)37,500 (2)75,000

Depredation 68,737 48,822 75,887 42,784

Total $519,883 $503,764 $478,875 $282,684Carried to surplus $207,152 $218,614 $273,096 $53,229

* Leaving amount of deferred dividends as of Jan. 1 1913, 434 %, whichwas paid March 1 1912 along with the regular semi-annual distribution of35.5%•

BALANCE SHEET1913. 1912.

JANUARY 1.1913. 1912.

Assets- Liabilities- $ $Plant investment. 6,156,951 6,179,095 Preferred stock 4,000,000 4,000,000Stock on hand 1,053,824 944,187 Common stock 1,000,000 1,000,000Accts. & bills rec.,&c. 893,454 858,588 First mtge. bonds.. _1,850,000 1,900,000Cash 200,018 234,829 Debenture bonds 25,000Cash for coupons_ _ _ 7,500 7,225 Bond coupons 6,500 7,225Treasury stock, corn_ 250,000 250,000 Accts.& bills payable 420,079 307,015Treasury stock, pref. 250,000 250,000 Reserve for deprec'n. 725,000 700,000

Itns've for 1st M.bds. 1,000Surplus *809,168 784,684

Total 8,811,747 8,723,921 Total 8,811,747 8,723,924

*After deducting $182.667 for adjustment of patent and good-will ac-count.-V. 06, p. 494.



Atlantic Refining Co., Philadelphia, Pa.(Balance Sheet of Dec. 31 1912.)

President J. W. Van Dyke, March 29, says:The company when segregated from the Standard Oil Co. of Now Jer-

sey did not have sufficient working capital to conduct its business. Thisdeficiency has for the past year been supplied by funds borrowed on notes.All current available profits have been used in reducing this obligation,leaving the same as of Dec. 31 last standing at $3,000,000. This policywill be continued in 1913.

PROFIT AND LOSS STATEMENT 1912.Profits from oper. of 1912 $4,953,952 I Total surp. Dec. 31 1911 $10,890,463Prof. apprec. of invent. _ $2,343,723 'Tot. stir. Dec. 311912- _$18,188,135BALANCE SHEET DEC. 31 1912-TOTAL EACH SIDE $28,556,714.Plant acct. (less deprec.), Capital stock $5,000,000

$10,390,925; other in- Notes payable, $3,000,-vest., $7,600 $10,398,525 000; accts. pay.. $2,-

asel ir5a7elet r . 152,092; insurance ac-

c count, $216,487 8,368,579& mat-is, R11,836,833_ 18,158,189 Surplus Dec. 31 1912_ _ _ 18,556,714

-V.94, p. 700.

Hart-Parr Co. (Gas & Oil Tractors), Charles City, Ia.(Report for Period Jan. 1 1912 to Jan. 4 1913.)

The net profits from Jan. 1 1912 to Jan. 4 1913 were$378,311, compared with $295,770 for the calendar year1911The net profits from Jan. 1 to May 11 1912 were $106,385; from May 11 to

July 27, $80,934, and from July 27 to Jan. 4 1913 $190,992; total netprofits in 1912, as above, $378,311.

BALANCE SHEET.

Assets-Jan. 4 '13. Ju1y27'12.

$Jan.

Liabilliies- 4 '13. July27'12.$ $

Factory buildings_ _ _ 452,201 431,669 Preferred stock 1,500,000 1,500,000Equipment 849,029 836,791 Common stock 1,000,000 1,000,000Real est.atCharles C. 203,183 125,643 Bills payable 154,8001 79,037Brch. house real est_ 80,867 53,823 Accounts payable... _ 17,288JBills receivable 240,1531 141,017 Agents' commis'ns_ _ 96,680 90,286Accounts receivable_ 251,931j Suspense and collec-Cash 433,914 802,436 tions 26,464 8,510Stock in other cos_ _ 100,000 140,707 Contingent fund__ 38,221Deferred charges_ 2,520 Surplus 478,412 359,360MM, prod. dc supp__ 900,488 702,587

Total 3,311,885 3,037,194 Total 3,311,865 3,037,194-V. 95, p. 621.

California Wine Association, San Francisco, Cal.(Report for Fiscal Year ending Dec. 31 1912.)

RESULTS FROM OPERATION.

Profits for year Preferred dividends (6%)..

Balance, surplus

BALANCE1912.

1912. 1911. 1910.$290,071 $407,820 $490,25585,576 85,575 85,575

1909.$183,150

$204,495

SHEET1911.

$322,245 $404,680

DECEMBER 31.1912.

$183,150

1911.Assets- $

Invent.of wines,&c.2,429,639 2,569,442 Common stock.. _ _ 4,754,200 4,754,200Bills & accts. rec. _ 1,323,714 1,328,192 Preferred stock_ _ 1,426,260 1,426,260Invests.in oth. cos. 5,867,058 5,180,060 Bonds 1,612,000 1,723,000Plant, mach., &c_ 1,666,146 1,568,038 Conting. reserve_ _ 130,962 80,482Taxes&insur.accts. 30,112 31,096 Notes payable_ _ 1,413,909 885,370Bonds unsold_ _ _ _ 88,000 186,000 Grape accounts_ _ _ 83,072 225,052Sinking fund 275 400 Bond interest.. _ _ _ 28,433 26,766Insurance fund.. _ _ 84,295 73,217 Sundry acc'ts___ _ 351,812 385,985Cash in banks_ _ _ 411,639 204,544 Due to other cos_ 330,393

Pref. div. for Year. 85,576 85,576Pref. div., Jan_ _ _ 21,394 21,394Deprec. reserve_ _ 727,543 708,096Surplus 933,324 728,828

Total 11,898,878 11,140,989 Total 11.898,878 11,140,989Compare new bond issue on a subsequent page.-Y. 95, p. 45.

International Silver Co.(Statement for Fiscal Year ending Dec. 31 1912.)

The company reports as follows for the years ended Dec. 31EARNINGS, CHARGES, &c.

1912. 1911. 1910. 1909.Earnings for year $1,326,245 $1,595,844 $1,788,480 $1.881,536Interest on bonds $313,912 $315,864 $317,020 $321,352Divs, on pref. stock_ _ _ _ 602,860(8 %)482 ,288(8%)482 ,288(5%)331 ,573

Total deductions...... $916,772 $798,152 $799,308 $652,925Balance, surplus $409,473 $797,692 $989,172 $1,228,611From these surpluses the amounts following have been written off for

depreciation: In 1909, $269,911; in 1910, $295,726 (also $45,201 for ad-justment in value real estate and fixtures); in 1911 and 1912, $267,173 and$301,610, respectively, (also, respectively, $17.964 and $16,707 for adjust-ments of plant and investments and $1,000,000 and $500,00) from trade-marks and patents).

BALANCE SHEET DEC. 31.1912. 1911. 1912. 1911.

Assets- $ a Liabilities- $ 5Plants,patents,&c. 6,722,343 7,158,454 Common stock... 685,362 685,362Stock on

hand__- _ 4,166,351 4,304,415 Pref. stock 6,028,588 6,028,588

Other investments 1,371,844 1,287,155 First mtge. bonds_ 3,342,000 3,399,0001st M.bds.in treas. 2,969 2,969 Debenture bonds_ 1,862,000 1,867,000Sk . fd. lat M. bds_ 56,489 60,000 Accts.& notes pay. 1,501,593 1,187,978Cash 790,419 726,069 Dividends 120,572 120,572Accts. & notes rec. 3,449,962 3,173,544 Surplus 3,015,262 3,424,106

Total 16,560,377 16,712,606 Total 18,560,377 16,712,606Prof. stock issued, $6,607,500; in treasury, $578,912; outstanding,

$6,028,588. Common stock issued, $9,944,700; in treasury. $9,259,338;outstanding Dec. 311912, $685,362.--V. 96. ro• 719.

GENERALINVESTMENT NEWS.

RAILROADS, INCLUDING ELECTRIC ROADS.Algoma Central Terminals, Ltd.-Guar. Bonds Offered.

-The Canadian Agency, Ltd. offered in London at 96%till March 28 £527,300 1st M. 5% 50-yr. gold bonds, making£1,027,300 outstanding. Guar., p. & i., by the LakeSuperior Corporation by endorsement.An adv. says: The proceeds of the bonds now issued will be utilized for

the completion of terminal facilities at Sault Ste. Marie, Michlpicoten andLittle Current, and particularly in the construction of coal docks at thesepoints. Track-laying on an additional 51 miles of Algoma Central & Hud-son Bay By. to the junction with the Canadian Northern Ry. was finishedIn Dec. 1912, making a main line of 272 miles. The final section to theNational Transcontinental Ry. should be completed and in operation byNov. 1913, when the total length of the railway will be 336 miles. Therailway company aslo has in operation branch lines connecting the Magpieand Helen iron ore mines with the Michipicoten division of the main line.The railway company owns and operates on the Great Lakes a freightsteamship line with a tonnage of 27,000, mainly carrying iron ore, coal,steel rails, grain, &c. See V. 95. p. 1540; V. 96. P. 651.

Belt Line Railway Corporation, New York.-MortgageFiled.-The company has filed its new mortgage to the Cen-tral Trust Co. of N. Y. to secure an authorized issue of $4,-000,000 30-year 5% gold bonds; present issue, $1,750,000.Compare V. 96, p. 862, 789.Birmingham (Ala.) Ry., Lt. & Power Co.-Earnings, &cSee American Cities Co. under "Annual Reports."-V. 96, p. 61.Boston & Maine RR.-Consolidation.-The company on

April 1 applied to the Mass. RR. Commissioners for author-ity to consolidate with the Hampden RR. Corporationunder an agreement entered into between the two companieson March 14 last.-V. 96, p. 789, 715.Boston & Worcester Street Ry.-$150,000 Bonds.-The Mass. RR. Comm. has been asked to sanction the issue for extensions

and equipment of $150,000 20-year 1st M. 44s of 1903, authorized by theshareholders March 26, making, it is understood, $2,410,000 of the $2,-500,000 issue outstanding.-V. 92, p. 659.Brooklyn Rapid Transit Co.-Proposed Purchase.-The

company has applied to the P. S. Commission for authorityto purchase through its subsidiary, the Coney Island & Graves-end Ry., $2,583,100 of the $2,983,900 outstanding stock,of the Coney Island & Brooklyn RR. Co., and also to acquirethe remainder of the stock in the future. The Coney Island& Gravesend By. also applied for permission to make a mort-gage to secure $3,000,000 bonds to purchase the stock.The $2,583,100 stock has been standing for some time in the name of

W. H. Ludlum ,a clerk in the employ of the Central Trust Co.'

in whichwhich Anthony N. Brady has a large interest.-Y. 96, p. 862, 715.Central Illinois Public Service Co.-New Officers.-F. S. Peabody has been elected Vice-Prest., to succeed C. H. Cox.

R. B. Donnelly, Treas., was made Secretary in addition, succeeding E. C.Beatty, who becomes Asst. Sec. Samuel Insull, Chairman, A. J. Authen-reith, George W. Hamilton, Martin J. Insull and F. S. Peabody have beenelected directors to succeed L. F. Ter Bush, C. II. Cox and A. J. Stahl.-V. 95, p. 1744.

Chesapeake & Ohio Ry.-New Secretary.-Carl Reming-ton has been appointed Secretary of the company and alsoof the Hocking Valley Ry., to succeed James Steuart MacKie,who resigned. Mr. MacKie continues as Treasurer of bothcompanies.-V. 96, p. 553, 175.Chicago Milwaukee & St. Paul Ry.-Electrification.-See Montana Power Co. under "Annual Reports."Privilege of Extending Milwaukee & Northern Bonds Due

June 1 1913 Till June 1 1934 at 43-%.-Holders of (a) $2,-155,000 Mil. & Northern RR. Co. 1st M. extended 43"2%bonds due June 1 1913 and (b) $4,003,000 Mil. &NorthernRR. Co. consol. M. 6% bonds-due June 1 1913, twi notifiedby advertisement on another page that, pursuant tatii agree-ment with Potter, Choate & Prentice and Harris; Forbes &Co., New York, the mortgages securing these botidg will beextended to June 1 1934, with interest at the rate of 4M%per annum, payable semi-annually at the office of the com-pany, 42 Broadway, N. Y. City. The liens of the mort-gages will continue unimpaired, the payment of principal andinterest having been assumed by the Ch. M. & St. P. By. Co.Holders of these bonds who desire to avail themselves of theprivilege of extension must deposit their bonds before 3 p.m.on April 17 1913 at the Farmers' Loan & Trust Co., N. Y.City, as agents for the bankers on the following terms:

Depositors of the 1st M. bonds to pay $15 for each $1,000 bond so depos'd.Depositors of the consol. M. bonds to pay $10 for each $1,000 bd. so dep.Depositing bondholders will retain the coupon due June 1 1913.-V. 96.

P. 789, 715.

Claremont (N. H.) Ry. & Lighting Co.-Control.--See Eastern Power & Light Corporation below.

Columbia (S. C.) Railway, Gas & Electric Co.-BondOffering-Earnings.--Redmond & Co., who by adv. onanother page are offering a block of the outstanding $2,454,-000 1st M. 5% sinking fund gold bonds of 1911 at 95 andint., yielding about 5.40%, report:

Year end. Calendar Years -Feb. 28 1913. 1912. 1911. 1910.

Gross earnings $671,627 $601,991 $538,914 $486,307Net, after taxes 319,061 300,977 272,199 261,346Interest charges 132,506 132,506 107,443 102,952

Bal. for dividends, impts., &c_$186,555 $168,471 $164,756 $158,394Dividends at the rate of 6% are being paid on $831,600 pref. stock and

approximately 6% is being earned on $2,000,000 common stock. Com-pare V. 92, p. 229.-V. 95, p. 112.

Coney Island & Brooklyn RR.-Sale of Control.-See Brooklyn Rapid Transit Co. abovo.-V. 95 1122,Denver Northwestern & Pacific Ry.-Sale April 18.-

The foreclosure sale has been set down for April 18. Com-pare V. 96, p. 863.As a preliminary for the same and the taking over of possession by New-

man Erb and associates, Judge Cavender in the U. S. District Court onMarch 24 discharged W. W. Watson (who filed his report) as receiver ofthe Denver Ry. Securities Co. It is expected that the Denver & Salt LakeRy. Co., the successor company, will assume control on or about May 1.Newman Erb has already been elected President of the new company.W. E. Morse, formerly Assistant General Manager of the Chicago & NorthWestern Ry., has been appointed General Manager for the receivers of theold company and will be the Vice-President and General Manager of thenew company.-V. 96, p. 863, 486.

Eastern Power & Light Corporation, New York.-Convertible Bonds Offered.-Wm. P. Bonbright & Co., Inc.,and Spitzer, Rorick & Co. are offering, by adv. on anotherpage, at 95 and int., yielding 6A%, the unsold portion of thetotal closed issue of $2,350,000 5-year 5% convertible goldbonds dated Mar. 1 1913 and due Mar. 1 1918.

Subject to call at 101 on 30 days' notice, on any int. date. Convertibleat par, at option of holder, at any time on or after Mar. 1 1917, into the 7%cum. participating pref. stock. Par. $1,000 and $500. Int. M. & s,Trustee, Equitable Trust Co. of New York. Tax refundable in Pennsylv.Digest of Letter from W. S. Barstow, Inc., Managers, N. 1(., Mar. 1 '13.Organized in Virginia in 19131 to acquire, improve and develop electric

light and power, and gas properties, street and interurban railways, waterand other companies of similar character. Properties have been acquiredin Vt., N. H., Pa., W. Va. and Ind., which show, without exception,pro miselof future development and growth, particularly for the sale of °lee-trIcity. Will begin business with $500,000 for working capital and other



corporate purposes and will from time to time add to this fund the proceedsof $600,000 of 6% pref. stock of Reading Transit & Lt. Co. held in treasury.

Capitalization- Authorized. Issued.°Common stock (par value $100) 10,000,000 $5,000,000Preferred stock (par value $100) 10,000,000 2,350,000Five-year 5% convertible gold bonds (this issue)_ _$2,350,000 2,350,00_These bonds are a first charge on all the assets of the corporation and are

secured by a trust indenture under which will be pledged all of the securitiesacquired as hereinafter stated, except the pref. stock of Reading T. & L. Co•Of the Eastern Power & Light Corp. pref. stock $2,350,000 will be re-

served for the conversion of the bonds. Additional stock may be issued anddisposed of as the directors deem advisable from time to time to providefor the growth of the business, &c.

Surplus Earnings Applicable to These Bonds-1913 Estimated.1912. Est.1913.

Net earnings of the Vermont and New Hamp. prop's_ $60,5711 $131,430Do do Indiana properties 36,9951

Surplus earnings, Reading properties 169,7061 280,570Do do West Virginia properties 86 ,000 '

Total (equiv. in 1912 to over 3 times the 6117,500• interest on these bonds) 6353,272 $412,000Economies and an efficient unified management should result in susbtan-

tial increase in surplus earnings, estimated for 1913 at $412,000. Theearnings are given above as reported by public accountants, except for theearnings ($7,500 in 1912) of Springfield, Vt., property since acquired bythe Colonial Power & Light Co.

Securities Pledged to Secure These Convertible Bonds.[Or cash at established ratios in lieu thereof with power to substitute securi-

ties for cash.)(I) Pa. et- W.Va. Props. Pledged Stock and underlying

(Physical Valuation, 1st M. 5s, Common Preferred Bonds held by$16,802,176)- hc.(z) Stocks. Stock. Public.

Reading Transit & Light Co_ x$750,000 $2,650,000See above Bonds _ _$6,911,000Pref. stock see aboveCora. stk., see below

West Va. Trac. & Elec. Co__ 1,250,000 Pref. stock $560,000Bonds, &c.4,577,000

(2) New Eng . and Ind.Prop.-(Phys. Val., $1,427,639)-

Colonial Pow. & Lt. Co.(Vt.) y350,000 y270,000 NoneClaremont Power Co. (N.H.) y200,000 y600,000 $100,000 NoneClarem. Ry.& Ltg.Co.(N.H.) y150,000 y146,000 Stock y$14,000City Eleo.Ltg.Co.,Vincennes. 175,000 300,000 None.Vincennes Elec. Co. (led.). 40,000 None

Total par value x$1,625.000 85,256,000 $100,000x All 1st M. 30-year 5s except $750,000 10-year 6% dabs. of Reading T. & L. Co.ti Issue subject to approval P. S. Commissions of Vermont and New Hampshire.The securities pledged constitute the entire issue of each outstanding.

except (a) in case of West Virginia Trac. & Elec. Co., of which the Cor-poration will acquire a largo majority, if not all, the corn. stock out-standing) and (b) 140 shs. of Claremont R Cy. & Ltg. o. stock outstanding.The physical valuation of the five New England and Indiana companies

is estimated at 61,427.639. The present physical valuation of the Penn-sylvania and West Virginia properties is $16,802,176, against which thereare held by the public 66,911,600 underlying bonds of the Pennsylvaniaproperties ($2,310,000 issued by Metropolitan Electric Co, V. 88, p. 1134,leaving $4,001,600 bonds against the 200 miles of urban and interurbantraction system, or $23,000 per mile), and $4,577,000 underlying bonds andnotes, and $560,000 7% pref. stock a the West Virginia properties.

Description of Constituent Properties.Reading Transit & Light Co.-Operates under 900-year leases from April 10

1910 all the electric lighting and power business in Reading and Lebanon,population about 200,000. and also 200 miles of electric urban and inter-urban railway track in four counties of Southern Pennsylvania, namelyLebanon, Barks, Montgomery and Philadelphia serving a population ofabout 350,000, and affording direct connections with the Lancaster, Harris-burg and Allentown transit systems, and at Chestnut Hill with the electricrailway system of Philadelphia. Population of territory served increasedabout 20% between 1900 and 1910. All the important leases containoptions to purchase; also satisfactory provisions for refunding underlyingobligations and for meeting interest thereon. Four power houses; thelargest of modern design, at West Reading, has capacity of 15,000 h. P.Franchises perpetual and unrestricted-exceptions not important. (SeeReading Transit & Lt. Co. below and pages 98 and 99 of "Elec. Ry. Sec.)New England Properties.-These companies own and operate steam and

hydro-electric generating stations, transmission and distributing systemsat Cavendish, Manchester and Springfield, Vt., Claremont, N. H., andvicinity, serving a population of about 140,000. The Colonial Power Co.owns additional valuable water rights having an estimated capacity of6,000 h. p., upon which development will be commenced during the comingseason. Power is now furnished for many industries. The ClaremontRy. & Ltg. Co. does a general passenger, freight-handling and switchingbusiness for various manufacturing plants. Franchises unlimited and freefrom objectionable features. [Claremont Power Co., see V. 95, P. 1125.1

Vincennes Properties.-These two companies own and operate the entireelectric lighting business in Vincennes. Ind., a manufacturing city, popula-tion 16,000, increase nearly 50% between 1900 and 1910. Satisfactoryfranchises expiring 1931 and 1927.

West Virginia Traction et Electric Co., Wheeling, etc.-Owns a part of theelectric railways in Wheeling, the railways, electric lighting, gas and waterutilities in the residential Elm Grove suburban district of that city, anamusement park of 33 acres and valuable real estate adjacent to Wheeling.Owns leases on some 27,000 acres of natural gas fields about one-quarterdeveloped, lying between Wheeling and Morgantown, from which thecompany derives its supply of natural gas. Mso owns and operates thewater, electric light and gas utilities and an electric railway in the city ofMorgantown, W. Va. The manufacturing interests of Wheeling andMorgantown are unusually varied, including iron, steel, coal, brewery anddistilling, lumber, glass, canning and tobacco. Population tributary tocompany's properties, about 114,000, increase 25% between 1900 and 1910.Satisfactory franchises which, with unimportant exceptions, are long orunlimited. [See p. 129 of Electric Railway Section.

Directors.-Pres. W. S. Barstow and V.-Pres. J. B. Taylor [respectivelyPres. and V.-Pres. of W. S. Barstow & Co., Inc.; V.-Pres., G. H. Walbridge,Sec.-Treas. A. P. Tallaferro, and F. V. Ilonshaw, all of Wm. P. Bonbright& Co., Inc.; Henry E. Cooper and A. Ludlow Kramer, Vice-Presidents ofEquitable Trust Co. of New York.)-V. 96, IL 716.Easton (Pa.) Consolidated Electric Co.-Sale.-See Lehigh Valley Transit Co. below.-V. 96, p. 780.Empire United Railways.-Power Houses-Contract.-See Niagara Lockport & Ontario Power Co. under "Annual Reports"

above.-V. 96, p. 553.

Full-Crew Laws.-New York and New Jersey Laws.-See "Banking and Legislative News"; also Editorial on a previous page.

Georgia Railway & Electric Co., Atlanta, Ga.-BondsOffered.-Chas. C. Harrison Jr. & Co., Phila.

' are placing at

98M and int., yielding about 5.10% income, their new block

of $800,000 "ref. & impt. mtge. sinking fund gold 5% bonds."

There are now outstanding $2,801,000 of this issue and

$10,524,000 of prior liens. A circular says:The company serves, without competition and under perpetual franchises,

an exceptional territory. Direct equity back of these bonds, as indicatedby quotations for junior securities, is over $15,000,000; total market valueof all junior securities about $21,000,000. The Georgia Railway & PowerCo., under terms of a 999-year lease effective Jan. 1912, guarantees allfixed charges and dividends of 5% and 8%. respectively, upon the preferredand common stocks.Earnings of Georgia Ry. & Electric Co. for Cal. Years-(1) Income Account.

1912. 1911. I 1912. 1911.Gross $4,968,790 $4,493,309 Interest charges_ -$633,101 $605,139Net,after taxes 2,270,789 2,151,682 Dividends 801,168 801,168Balance, surplus after 5% on $2,400,000 pref. and 8%on $8,514,600 common ($514,600 corn. In treasury) __,836,520 745,375(2) Long 1912. 1910. •1908. 1906. 1904. 1902.

rcr Record- $ $Gross 4,988,790 4,043,886 3,339,021 2,894,924 2,11/973 1,623,690Net 2,548,892 2.132,441 1.689,026 1,467,072 1.024,892 766,002

The Georgia Ry. & Power Co. (see annual report in last week'sissue, p.941) has acquired water-power sites in Northeastern Georgia capableof an ultimate development of over 300,000 h. p. A large plant at TallulahFalls of a capacity of about 90,000 h. p., with transmission lines to Atlantaand to other distributing points, is nearly completed, and several smallerplants have been in profitable operation for some time, and other plantswill be built as the business requires. The plant at Tallulah Falls is believedto have one of the best sites east of the Rocky Mountains, possessing a headof 600 ft., and the cost of installation is relatively small compared with thepower developed. This plant is expected to be delivering power in Atlantain the summer of 1913, wbtich should largely increase the net earnings of theGeorgia Ry. & Elec. Co. through the elimination of steam-generated power,except for emergency use.

• These bonds have been sold to us to pay in part for additions and improve-ments made during 1912. Population of Atlanta in 1900, 89,872; in 1910,154,839; 1913, est., over $175,000.-V. 96, p. 716.

Georgia Railway & Power Co., Atlanta.-Earnings.--See Georgia Ry. & Electric Co. above and compare V. 96, p. 941.

Hampden RR. Corporation.-Consolidation.-See Boston & Maine RR. above.-V. 96, p. 359.

Hocking Valley Ry.-New Secretary.-See Chesapeake & Ohio Ry. above.-V. 95, p. 1403.

Houston & Brazos Valley Ry.-Sale.-See Missouri Kansas & Texas Ry. below.-V. 96. p. 789.

Huntingdon & Broad Top Mountain RR. & Coal Co.-The greater part of the stock has, it is stated, been deposited with

Drexel & Co. of Phila., as depositary, 'under the voting trust agreementproviding that the common stock shall not be sold for less than $25 a sharenor the pref. for less than 650 a share. New certificates representing thevoting trust certificates will be printed and issued in exchange for theregular shares, and application, it is said, will probably be made to list thenow certifs, on the Phila. Stock Exch. Compare V. 96, p. 420.-V. 96.P. 652, 420.

International Traction Co. (of N. J.), Buffalo N. Y.-6% Notes.-Bertron, Griscom & Co. have sold e500,000serial 6% debenture gold notes to Teller & Evers, Buffalo,who are offering the same at prices ranging from par for the1914 maturity to 96% for the series due in 1923-thus yield-ing from 6% to 63/2%. The issue is dated Feb. 1 1913 anddue $50 000 annually Feb. 1 1914 to 1923, but redeemableat 100 and int. on any int. date. Par $1,000 (c). Int. pay-able F. & A. at Chase National Bank, New York City, or atFidelity Trust Co. of Buffalo, trustee.

Capitalization- Auth. et. Issued.Collateral trust 4% bonds $18,335,000Car trust certificates ($335,000 Internat. By. Co. ref. & imp.5% bonds are reserved to pay off these 335,000

Serial 6% debenture gold notes (this issue 500,000Capital stock ($5,000,000 is preferred 4% stock) 15,000,000At market quotations the pref. and corn. shares exceed a valuation of

$8,000,000, or over 16 times the amount of the serial 6% debenture noteissue. Annual dividends at the rate of 4% are now being paid upon pref.

Property.-Owns the entire capital stock of the International Ry. Co. ofBuffalo, which company owns and controls the street railway system inBuffalo, and electric lines connecting Buffalo with Niagara Falls, Lockport,North Tonawanda and Tonawanda, etc.In opinion of counsel, the franchises for the lines on the most important

business streets and main avenues of travel in Buffalo are for long-termperiods or without time limit, having on only 47 miles of minor trackageless than 25 years to run. The franchises outside of Buffalo are either forvarious long-term periods or are perpetual.

Earnings, as Officially Reported for the Following Calendar Years.1912. 1911. 1910.

Gross earnings $6.393,796 $6,218,351 $5,985,365Net earnings, after taxes $2,177,625 $2,202,270 $2,020,592Fixed charges 1,458,206 1.453,132 1,451,903

Balance, surplus $719,419 $749,138 $568,689Officers.-Rodman E. Griscom, Pres.; Edward G. Connette, V.-Pres.;

W. C. Dunbar, Comp. & Sec.; N. P. Baker, Treas.

Bonds Called.-The few remaining 50-year 4% collateral

trust gold bonds of 1890 which did not assent to the plan of

readjustment (V. 94, p. 911) have been called and will be

paid on July 1 1913 at 110 and int. at company's office,

23 Wall St.-V. 96, p. 285, 135, 63.

Ithaca (N. Y.) Street Ry.-Reorganization. Plan.-See New York Auburn & Lansing RR. below.-V. 94, p. 123.

Kansas City Railway & Light Co.-Committee to Repre-sent First Lien Refunding 5s.-Holders of the $10,200,000

first lien refunding 5% bonds which mature next month

(May 15) are requested, by adv. on another page, to deposit

their holdings for mutual protection on or before May 1 with

the New York Trust Co., 26 Broad St., N. Y., or the Old

Colony Trust Co., Boston.The committee consists of John B. Dennis, Acosta Nichols, James J.

Storrow and Paul M. Warburg, with C. M. Travis, 24 Broad St., as Sec.Several of these are members of the committee representing Metrop.Street Ry. of Kansas City 5% bonds and are therefore already familiarwith the situation. No plan of readjustment which does not involve fullpayment of the amount due on the first lien refunding 5s will be acceptedby the committee until the same shall have been submitted to the deposl-tors.-V. 96, p. 789, 653.

Knoxville (Tenn.) Ry. & Light Co.-Earnings,See American American Cities Co. under "Annual Reports."-V. 96, p. 716.Laramie Hahn's Peak & Pacific Ry.-Plan.-The re-

organization committee, consisting of Samuel L. Powers,

Joseph H. O'Neil, J. J. Desmond, Wallace Hackett and

J. W. Mackintosh, Sec., has issued a circular to the holders

of junior securities and unsecured claims, proposing that said

holders raise the $500,000 needed to prevent, foreclosure

through the organization of a new company in Wyoming and

the payment of assessments indicated below.Capitalization of Proposed New Company in $10 Shares.

Prof. stock, 6% non-cum., no voting rights for 3 years, butthereafter temporary rights, provided the dividends for anyyear is passed $2,000,000

(1ommon stock 3,000,000Pro osed Assessment and New Stock in Exchange.Amount Pay And Receive

Holders of- Out. Assessment. Preferred Stock. Common Stock.Unsec. notes_$1,000,000 10%-$100,000 11O%-$1,100,000 Unsec.claims. 430,000 10%- 43,000 110Prof. stock__ 100,000 4%- 4,000 54%- 54,000 50%- $50,000Corn. stock__ 9,000,000 4%- 360,000 4%- 360,000 20%-1,800,000

Total $507,000 51.987,000 $1,850,000The new company would leave the old bonds outstanding for the time

being in their present form, viz.: $240,000 1st 6s, 51,536,000 1st ref. Os,$450,000 coll. trust 7% notes due 1915 and $500,000 gee. mtge. 58.The $500,000 from the assessments "is needed to take care of the overdue

interest on the four sets of securities now outstanding, to wit, 1st M. 6s,ref. M. 6s. coll. tr. notes and gen. M. 58; and also to take care of the interestwhich will accrue up to but not including April 1 1915, the end of the periodwhich the committee regards as sufficient to demonstrate the working of


1022 THE CHRONICLE [Vor.. xcvi.

their plan." The assessments will be payable 50% April 17 1913, 25%Sept. 17 1913 and 25% March 17 1914 at the Federal Tr. Co., Boston,the depositary. Address of Secretary John W. Mackintosh, 85 DevonshireSt., Boston.

It is expected that the earnings of the road when the proposed improve-ments are made will bo sufficient to pay off by maturity two years hencethe $315,000 receiver's certificates that have now been negotiated in orderto provide for the discharge of liens for ,equipment, supplies and labor andto complete the necessary-equipment and construction.

Hiram J. Slefir, Gen. Mgr. Chicago Great Western RR. In Sept. 1912estimated the grcss earnings after two years at: Gross, gi,146,000; net,$401,100. Under the plan the interest charge would remain as now,$163,060; 6% on $2,000,000 pref. stock would call for $120,000, and 4%on $:3,000,000 common stock for $120,000.-V. 96, p. 203.

44 Lehigh Valley Transit CO.-Purchase-Bonds.----Thecompany. has purchased, through E. B. Smith & Co., a con-trolling interest in the stock of the Easton ConsolidatedElectric Co. (See "El. Ry. See." and V. 96, p. 789.) Theminority stockholders are offered the right within 30 daysfrom Apr. 1 to sell their holdings at the price paid for themajority interest, viz., $30 33 per share (total issue $1,500,-000, par $50, 50% paid in) in 6% collateral trust bonds ofthe Lehigh Valley Transit Co.-V. 95, p. 947, 360.

Little Rock (Ark.) Ry. & Electric Co.-Earnings, &c.-See American Cities Co. under "Annual Reports."-V. 95, p. 1746.

Louisville & Nashville RR.-Bonds Offered.-Kissel,Kinnicutt & Co. and Harris, Forbes & Co. will shortly makea public offering of the unsold portion of their Nock of$4,500,000 Atlanta Knoxville & Cincinnati Division 4%gold bonds dated April 1905 and due May 1 1955. Autho-rized $50,000,000; outstanding $24,745,000, being at therate of $28,449 per mile of road on the Cincinnati-Atlantamain line, including important terminals, A circular says:The mportanco of the above mileage has been greatly increased by the

development of the extensive Elkhorn coal field in Eastern Kentucky.In order to move this traffic economically, grades have been reduced andextensive double-tracking between Winchester and Covington, Ky., a dis-tance of 95 miles, has been undertaken and is now nearing completion, at anestimated cost of more than $5,000,000 [See Consolidation Coal Co. under"Reports" above.)In February 1913 $12,000,000 new stock was subscribed for by the stock-

holders at par, thus creating an additional cash equity of $12,000,000.For the four years ended June 30 1912 the surplus after all charges wasabout $9,500,000 per annum. For the seven months ended Jan. 311013,without receiving the benefit from the coal traffic from the Elkhorn field,gross earnings increased $2,300,000, or 7% over 1911-12. Dividends of7% per an. have been paid since July 1909.

Data from Letter of Pres. M. H. Smith, March 10 1913.Mileage.-These bonds, besides being the direct obligation of the L. & N.RR. Co., are a mortgage on its entire main line between Cincinnati andAtlanta. On 244.73 miles of this division they arc a direct first mortgageand on 544.90 miles they are a mortgage subject to prior liens outstandingat the rate of only about $15.000 per mile. Of this division 34.76 mileshave double track. Since June 30 1911 the following mileage has been con-veyed to the mortgage trustee. Harriman Knoxville & Eastern RR.,Allingham, Tenn., to Harriman, Tenn., 17.54 miles, and Athens & TellicoBy., Athens, Tenn., to Tellico Plains, Tenn., 22.42 miles. The totalmileage operated is 869.79.The main line is the short line between Cincinnati and Atlanta. It is a

line of low grade from Corbin, Ky., to Atlanta. Ga_ thus facilitating thehandling of traffic from the coal fields of Eastern Ky. and Tenn. to andfrom those of Southwestern Virginia. A revised line with low grades,double track, yard facilities, '&c., between Covington, Ky., and Winchester,Ky., 94.9 miles, is now approaching completion at an estimated cost ofmore than $5,000 ,000. On March 1 last 64.27 miles had been completedand placed in operation, leaving 30.63 miles yet to be completed. Thiswork is being prosecuted as rapidly as practicable.This mortgage covers the trackage rights over the Western & Atlantic

RR. between Cartersville, Ga., and Atlanta, Ga., about 48 miles, whichare enjoyed by virtue of a contract entered into between the AtlantaKnoxville & Northern By. Co. and the Nashville Chattanooga & St. LouisBy., as lessee of the Western & Atlantic RR.

Terminal Property.-The mortgage also covers all of the company'sextensive terminal properties at Cincinnati, Ohio, Atlanta, Ga., and Knox-ville Tenn., having a large and steadily increasing value.

Divisional Earnings.-For the three fiscal years ended June 30 1910,1911 and 1912, the average annual income of the Atlanta Knoxville & Cin-cinnati Division applicable to the payment of interest charges was abouttwice the amount required to pay interest on all liens prior to and includingthe $24,866,000 bonds of this issue. The contemplated extensions and im-provements will largely increase the earning capacity and add considerablyto the surplus. (See also V. 02, p. 1565.)-V. 96, p. 716, 947.Memphis (Tenn.) Street Ry.-Earnings, &c.-See American Cities Co. under "Annual Reports."-V. 96, p. 863.

Missouri Kansas & Texas Ry.-Acquisition.-The co.has acquired Houston & Brazos Valley Ry.-V. 95, p. 1403.

President Schaff also announced in connection with the purchase that thecompany has purchased extensive terminal grounds at Freeport, in additionto those already owned by the Houston & Brazos Valley By.. includingwharf and warehouse facilities along the Freeport ship channel and harbor-V. 96, p. 863. 790.

Missouri Oklahoma & Gulf RR.-Extension Financed.-The company has, it is stated, notified the Texas State RR.Commission that it has succeeded in financing in Paris theconstruction of an extension of its line south from Denison toa point on the Gulf of Mexico.A special dispatch to the St. Louis "Globe-Democrat" says that recently

representatives of the French syndicate which has agreed to take the bondsto be issued for the extension made an inspection trip over the completepart of the road between Waggoner and Denison, accompanied by Pres.William Konefick. The French financial representatives were G. Fagot,Theodore Revillon, Louis Rene Bazine and M. Parville. In building theline to the coast the lowest possible grade, it is said, will be followed.-V. 95. p. 618.

Mobile & Ohio RR.-Purchase-New Mortgage.-Thegeneral mortgage bondholders will vote Apr. 23 on author-izing the trustee (as holder of old debentures) to approve theproposed purchase of the St. Louis & Cairo RR. (leased) andthe making of a mtge. thereon to secure 83,000,000 Mobile& Ohio-St. Louis division 5% mtge. gold bonds dated Aug. 11913 and payable Dec. 11927. See V. 96, p. 554, 863.

Montreal Tramways.-First Dividend-New Stock.-The"Montreal Gazette" April 2 said in substance:

Directors of the Montreal Tramways Co. announced yesterday that aninterim dividend of 57 had been declared on the paid-up capital stock.This dividend is believed to be preliminary to placing the stock on a settleddividend basis and the Street recently has heard gossip of a 10% per annumrate. The Street understands that the Montreal Tramways & Power Co.,the holding company, owns approximately nine-tenths of the $2,000,700Montreal Tramways Co. common stock now outstanding.The directors announced further that a now issue of $1,000,000 stockat par is to be made immediately in the proportion of one share of new forevery two shares of old, rights to subscribe going to shareholders of record

April 15, and subscription lists to close May 15. A first payment of 10%will be due June 20; later payments asdecided by the directors, but not toexceed 10% per month. Broken lots of Tramways stock sold yesterdayat 175.-Compare V. 96. P• 653,790.

New Orleans (La.) Ry. '85 Light Co.-Earnings, &c.-See American Cities Co. under "Annual Reports."-V. 06, p. 360, 203.New York Auburn & Lansing RR.-Plan.-An appli-

cation is pending before the P. S. Commission, 2d Dist., forthe approval of a plan of reorganization proposed by thecommittee under whose deposit agreements 90% of thebondholders of this road and 80% of the bondholders of theIthaca Street By. have deposited. The adjourned hearingis set for April 24 at Ithaca.The plan provides that the successor company, which would take over

the properties after foreclosure sale, shall be authorized to issue new se-curities as follows: (a) $1,450,000 corn. pref. stock in exchange, $ for $,for such of the $475,000 consol. 5s of the Ithaca Street By. Co. and the$975,000 1st M. bonds of the N. Y. Auburn & Lansing RR. as shall assentto the plan; (b) $1,000,000 common stock to be sold along with $900,000new bonds, (c) and $4,000,000 first and refunding 5% gold bonds, of which$900,000 would be sold forthwith and $310,000 would be reserved to retireat maturity $275,000 underlying bonds of the Ithaca Street By. and $2,-700,000 would be held for future extensions and additions. 'rho proceedsof the immediate issue of $900,000 bonds are to be used to take up:the re-ceivers certificates, cover costs of reorganization, the acquirement of apower plant, the purchase of now equipment, &c. Tho N. Y. Auburn &Lansing owns and operates 34% miles of steam road from Auburn toRenwick; the Ithaca Street Ry. Co., 834 miles of trolley track.

Reorganization committee: H. W. Fitz, Pawtucket, R. I., Chairman;Edward Gunster, Wilkes-Barre, Pa., Secretary; James H. Caldwell, Troy,N. Y.• Howard Bayne, of Colum.-Knickerb. Tr. Co., N. Y.; Hugh R.Chaplin, Bangor, Me.; Jared T. Newman, Ithaca, N. Y.; A. H. Flint,New York City.-V. 94, p. 123.N. Y. Westchester & Boston Ry.-New Directors.-T. DeWitt Cuyler and George F. Baker have been elected directors to

succeed Lewis Cass Ledyard and 0. M. Miller, who resigned.-V.96,p.420.Pennsylvania RR.-Bonds.----The $165,000 Bells Gap

RR. 6s, due April 1, were paid on and after maturity.The Phila. Stock Exchange on Mar. 25 struck off the regular list $745,000

Cambria & Clearfield RR. let M. 5s, due 1941, canceled and destroyed,leaving listed $534,000.-V. 96, p. 948, 720.Pere Marquette RR.-Payment on Notes.-The collateral

securing the $8,000,000 5-year 6% collateral gold notesdated March 1 1911 was bid in by the committee representing$7,944,000 of these notes. The cash distribution which isbeing made at the Guaranty Trust Co. of New York out ofthe proceeds of the sale applies only to the remaining $56,000of notes, their distributive share being $799 40, not $977 40,on each $1,000 of face value.-V. 96, p. 948, 863.Portland (Ore.) Ry.

' Light & Power Co.-President

Resigns.-B. S. Josselyn has resigned as President, effectiveJuly 1, when he will have served 6 years.Mr. Josselyn desires a rest and will later engage in Oho' business.-

V. 06, p. 654.Porto Rico Railways, Ltd.-Earnings.-For cal. years:

Year- Gross. Net. Otli.Rev. Bd. Int. Pf.Div. Com.Div. Sump.1012 $828,048 $303,313 $70,092 $160,016 $35,000 $120,000 $58,3891911 748,802 348,681 31,103 145,225 35,0(10 60.000 139,559From the surplus as above in 1912, $58,389, there was deducted $135,000

for depreciation reserve, $25,920 for contingent account and $65,000 forproperty account, leaving a deficit of $167,531.-V. 95. p. 1473.Reading (Pa.) Transit & Light Co.-Successor Co.-This company, controlled by the Eastern Power & Light Co. (see above).

was incorporated in Delaware on Mar. 29. as successor of the ReadingTransit Co. (see page 98 of "El. By. Sec."). Total auth. stock is $4,150 -000 in $100 shares, viz.: $2,650,000 common, all outstanding, and $1,500,-000 67 cum. pref., of which $600,000 has been issued. Bonded debt.$750.000 10-yr. 6% debentures, owned by Eastern P.&Lt.Co.-V.94,D.209,Republic Railway & Light Co., N. Y.-Flood Damage

Slight.-Pres. Oren Root, N. Y., Mar. 29, wrote in substance:Norman McD. Crawford, Pres. of the Mahoning & Shenango Ry.& Light

Co., and other subsidiaries, states that the direct damage to the propertywill be less than $6,000; that no dams and only one small county bridgeaffecting the operations of the subsidiary companies have given way, andthat practically the only loss will be from the interruption of the service forthree or four days. The property of none of our large power customers hasbeen damaged. It, therefore, appears that the effect upon our earningsfor 1013 will be insignificant.-V. 96, p. 654.

St. Louis & San Francisco RR.-New Trackage Agree-ment.-A new 99-year contract has been made for trackageover the Yazoo & Mississippi Valley Ry. from Baton Rouge,La. to a connection with the Now Orleans Terminal Co.

Stilt has been brought to cancel the trackage arrangement made some timesince with the Louisiana By. & Navigation Co. between the same points,which has been found unsatisfactory.-V. 06, p. 203.

Seattle (Wash.) Renton & Southern Ry.-Decision.-Peabody, Houghteling & Co. of Chicago on April 3 receiveda telegram from Higgins & Hughes, their attorneys, regard-ing the decision of Judge Kauffman of the Superior Courtof King County, Wash., in the suit brought on April 30 1912by former President William R. Crawford and tried beforehim in Feb. and Mar. 1913, asking for a receiver of the roadand for $1,000,000 damages against the firm, on the groundof conspiracy and fraud. The full text of the opinion is notat hand, but the last paragraph of the same reads as follows:

It is my opinion that Peabody, Houghteling & Co. have acted with thegood richest faith towards Crawford and this property; that the chargesof fraud have not been proven, but on the contrary have been overwhelm-ingly disproven; that they do not now want the property and never havewanted it; that their only object throughout their entire connection withthis property has been to help it pay its debts, and to this ond they havedevoted their time, their efforts and their money, and that this suit isunwarranted and should never have been brought. Let Judgment anddecree be drawn and entered accordingly.-V. 96, p. 791, 555.Toledo (0.) Traction, Light & Power Co.-Voting

Trust Certificates Ready.-The reorganization committee ofthe old company, the Toledo Rys. & Light Co., announcesthat the voting trust certificates for the common and pref.stocks of the new company, the Toledo Traction Light &Power Co., are now ready in temporary form, and will bedelivered to depositing stockholders by the New York TrustCo. upon surrender of the certificates of deposit.-V. 96, 1).555, 420.

Wages.-Arbitration of Eastern Firemen's Demands.-W. W Atterbury, a Vico-President of the Pennsylvania RR., and Albert

W. Phillips. 3d Vice-Pros. of the Brotherhood of Locomotive Engineers.were recently appointed under the Erdman Act as two of the three arbitra-tors of the demands of the firemen of the Eastern roads. Not being able toagree on the third member of the board of arbitration, Presiding JudgeMartin A. Knapp of the U. S. Commerce Court and Acting U. S. LaborCommissioner W. W. Hangar, in accordance with the provisions of thelaw, on Monday named as the third member William L. Chambers orWashington. formerly a member of the Spanish Treaty Claims Committee.Hearings are expected to begin on Monday next.-V. 95, p. 1474.



West Penn Traction Co.-Bonds Offered.-J. S. & W. S.

Kuhn, Inc., are offering at 97 and int. 1st M. 5% gold bonds

(tax-free in Pennsylvania), dated June 1 1910 and due June 1

1960. A map of the system will be found in our "Electric

Railway Section." The bankers report:Total authorized issue, $25,000,000. viz.: Reserved to retire

bonds of

constituent companies, $9,175,000; outstanding Dec. 31 1912, $7,449,500;

reserved for extensions, betterments, improvements and acquisitions at

90% of cost, $8,375,500.

Earnings for Cal. Years (Wheeling Traction Co. Incl. for 3 Mos Only in 1912)

Gross Net (after -Bond Interest- Surp. forEarnings. Taxes). ConstitCos.W.Pa.Tr. Co Divs.

1,767,915 786,575 459,827 $245,567 326,748

$1,551,138 $691,874 $446,307

2,042,002 1,054,360 461,356 $9,149 583,8552,260,287 1,148,006 461,625 66,651 619,7303,408,586 1,579,126 604,845 189,903 784,37

This issue precedes listed securities which on April 1 1913 had a21m9aAr2k%etFour-year increase__ 119.75% 128.24% 35.29%

value in excess of $14,000,000.

Data Furnished by W. S. Kuhn. Pres. of Traction Co., April 1 1913.

On Dec. 31 1908 the system comprised 157.2 miles of track, had 119.38miles of transmission lines, operated a central power station with a capacity

of 16,750 h.p. and furnished light and power to about 50 municipalities.

Net earnings in excess of interest charges for 1908 were $245,568. BY ac-quisitions, new construction and extensions the system has since been ex-panded to 299 miles of track, 266 miles of transmission lines (exclusive ofdistributing systems in towns and cities) and to 49,641 h.p. of generatingcapacity. Light, power and street railway service is now furnished toabout 125 municipalities within a radius of 70 miles of Pittsburgh, and thesurplus for dividends in 1912, after payment of all interest charges, was3784,379. Comparative figures on Dec. 31:

1908. 1912. 1908. 1912.Track operated, miles_ 157 299 High-ten, lines (pole m) 119 266Cars owned 162 326 Connected load (h.p.) 26,055 55,510

Generat. capac.(h.p.)..16,750 49,641 Consumers 9,906 16,042

The company on June 1 1910 to Dec. 311012 spent $7,537,000 for shares

of capital stock and bonds of sub. companies and for extensions and im-provements. Practically all of the stock of the newly acquired companieshas been pledged under the mortgage. Against these total expenditures

there were issued $6,783,000 West Penn Traction bonds on the basis of 90%of cost. These bonds are a first lien on 28.44 miles of street railway linesIn operation and on 19.50 miles under survey and construction and on allnew construction. surveys are being made for additional lines. Thebonds are a first mortgage on 126.18 miles of transmission lines and 96 milesunder survey and construction; on power houses at Washington, Waynes-burg, Leechburg, Garrets Run and Kittanning; on high-tension sub-stations at Kittanning, Freeport, Butler, Vandergrift, Saltsburg and Se-wickley, and on terminal property at Uniontown.The company also owns 75% of the capital stack of the Hydro-Electric

Co. of West Virginia, which will have an ultimate machinery installationof 150,000 h.p., of which 48,000 h.p. is under contract for delivery to thecompany befcre Jan. 1 1914. (V. 94, p. 984; V. 95, p. 237.)The model steam power house at Connellsville, had on Dec. 31 1912 a

maximum generating capacity of 42,000 h.p., which is being increased to66,000 h.p. Tile railway lines are practically all of steam railroad con-struction and the bridges are of steel and concrete. During 1912 new con-tracts for power totaled 18,256 h. p., most of which was taken late in theyear. The Census Bureau's reports show that, within a 70-mile radius ofour central station, over 2,000,000 h.p. is now being developed by steam.-V. 94, p. 1187.

West Virginia Trac. & Elec. Co., Wheeling.-Control.--See Eastern l'ower & Light Corporation above.-V. 96, p. 918.

Youngstown & Ohio River RR.-Dividends.-Tho company on March 31 1913 paid a quarterly dividend of of 1%

on the 31,000.000 5% pref. stock, as against 13/s % quarterly in 1912,making 4% % during that year. The surplus available at present, it isstated, would be sufficient to continuo the old rate for the first quarterof 1913, but as the stock becomes cumulative on July 1, it was deemedadvisable to conserve resources with the view of making passible, as faras can be now provided, the payment of the 5% rate after July 1. Thefirst dividend at the 5% rate is payable Sept 30. Compare V. 96, p. 948.

Year-1908 1909 1910 1911 1912

INDUSTRIAL, GAS AND MISCELLANEOUS.

Adirondack Electric Power Co.-Earnings Cal. Yr. 1912.Gross earnings, $110,356; operating expenses, $66,841; taxes and uncol-lectible bills, $7,565; net-earnings, $35,950; interest charges and income de-ductions, $21,222; balance, surplus. $14,728. Construction charges duringthe year were 325,529.-V. 95, p. 112.

Alabama Co.-New Company Incorporated.-The com-pany was incorporated ill Delaware on April 2 as successor ofthe Alabama Consol. Coal & Iron Co., per plan V. 95,p.1685.The total capitalization, it is stated, will be $6,919,000. The decree

ratifying the sale of the property to the stockholders' committee will beapproved by the Federal Court at Birmingham, Ala., as soon as it is drawnby the trustee in bankruptcy. The price paid for the property was $300,000and assumption by the committee of the obligations of the old company.

Alabama Consolidated Coal & Iron Co.-New Company.See Alabama Co. above.-V. 96, p. 948, 655.

Amer. District Telegraph Co. of New Jersey.-Earns.Calendar Gross Operating Net Dividends Balance,Year- Earnings. Expenses. Earnings. . Paid. Surplus.

1912 $2,351,347 $1,481,029 $870,318 $398,554 $471,7641911 2,162,784 1,369,857 792,927 398,552 394,375-V. 94, p. 1315.

American Fuel Co.-Receivership.-Judge Nell S. Graham at Boulder, Colo., on ?Aar. 17 granted the applica-

tion of Mrs. Anna Jackson of Denver for a receiver, and appointed G. M.Williams of Boulder and Denver .The company is said to owe its miners $20,000. Some time ago the min-

ers agreed to work on half wages until last Saturday, when they weresupposed to receive all they had earned in addition to the usual pay checks.

American Smelters Securities Co., N. Y.-Director.---ior .--Samuel Guggenheim has been elected a director, increasing the board

from 21 to 22, and a member of the executive commi:tee, increasing itfrom 15 to 16.-V. 95. re 819.

American Smelting & Refining Co.-New Director.-The board having been increased from 25 to 26 and the executive com-

mittee from 16 to 17, Simon Guggenheim has been elected as the new mem-ber of each body.-V. 96, p• 942, 865.

American Zinc, Lead & Smelting Co.-Earnings.-Calendar Net General Int. on Divi- Balance,Year- Earnings. Expenses. Bot?ds, &c. den ds. Surplus.

1912 3400,300 $37,965 3294,880 367,4551911 471,973 63.720 73,082 166,400 168,771From the surplus as above in 1912 was deducted $65.701 transferred

to special reserve fund for additions and betterments to properties, against$150,000 in 1911.---V. 94, p. 984, 828.

Arkansas Natural Gas Co., Pittsb., Pa.-Earnings, &c.Cal. Year-. Gross. Net, after Taxes. Interest, &c. Bal., Sur.1912 3675,287 33/4,205 $345,704 $28,5001911 285,343 168,856 129,301 39.555

"Interest, &c.," in 1912 includes bond and other interest, field develop-ment work charged off, &c. Balance sheet Dec. 31 1912,: Investment,$11,715,070; cash, $38,307; total assets, $11,753,377. Offsets: Capitalstock, $6,500,000; bonds outstanding, $4,057,000; bills and accounts pay-able (less accts. receivable), $1,167,572; surplus, $28,805. CompareV. 06, P. 865; V. 91, P. 1449, 1329.

Bethlehem Steel Corporation.-New Officers.-An-nouneement April 1:On account of the very large increase in the business of the Bethlehem

Steel Co., it is found necessary to make some changes in the positions of thepersonnel without any material change in their respective duties beyondadding greater responsibilities.E. G. Grace has been elected President of the Bethlehem Steel Co. (suc-

ceeding Charles M. Schwab). Archibald Johnstone has been made 1stV.-Pres. of the Bethlehem Steel Corporation, in addition to his duties asV.-Pres. of the Bethlehem Steel Co.; II. S. Snyder, 2d V.-P. of the Bethle-hem Steel Corporation and V.-P. of the Bethlehem Steel Co., will be incharge of the subsidiary companies of the corporation, as well as the devel-opment of the new steamship company to transport our ore from Chile.Ile will also have general supervision over our new acquisition, the Titus-ville Forge Co. A vice-presidency has been added to the Bethlehem SteelCo., which is to be filled by C. A. Buck, the well-known expert on allmetallurgical matters. He will have charge of the mines in Chile as wellas other technical matters pertaining to the development of the company.It is not the Intention of Mr. Schwab to lose any of his close personal in-terest in or contact with Bethlehem or the Bethlehem Steel Co., and theoffice of Chairman of the board of Bethlehem Steel Co. has been createdfor him. Mr. Schwab, of course, remains Chairman of the board and Presi-dent of the Bethlehem Steel Corporation.

Acquisitions.-Mr. Schwab at the annual meeting onTuesday said:The Tofo iron mines in Chile, which were acquired for the company during

Mr. Schwab's recent trip to Europe, will probably take 3 years for theirproper development. About 50,000

willof ore a year can now be mined,

but it is hoped to increase this to 200,000 tons by 1915. The estimated oresupplies in sight in these mines are at least 60,000,000. All the ore isBessemer. The corporation recently purchased for about $500.000 theTitusville Forge Co. of Titusville, Pa. About $600,000 was spent lastyemr in building new car works at the Harlan & Hollingsworth plants atWilmington, Del. It is planned to spend about $6,500,000 in new con-struction at Bethlehem during the current year.-V. 96, p. 944, 865.

British Columbia Copper Co.-Report.-Year ending Proceeds of Operating Custom Ore Din- Bal., Surp.Nov. 30. MetalShip's. Expenses. Purch.,&c. dends.

°$2,491,288 $1.570.205 3495.087 9177,513 sur.$2D4d8r.1911-12 721910-11 1.968.158 1,533,263 300,966 147.931 def.14,002Total surplus Nov. 30 1912, $965,736. During the year 1911-12 there

was produced 11,259,140 lbs. of fine copper, 25,863 oz. of gold and 142,085oz. of silver, against 9,941,907 lbs., 31,144 oz. and 134,266 oz., respectively,in 1910-11.

New Directors.-Joseph B. Dulany, C. I. Stralem and William T. Henry have been electeddirectors to succeed Frederick Lewisohn, Harry Bronner and John H. Sea-man, who retire.-V. 96, p. 948.

Burns Bros.-First Dividend.-An initial dividend hasbeen declared on the 7% pref. stock, payable May 1 to hold-ers of record April 1, at the rate of 7% per annum for theperiod from Jan. 13 1913 (date of issue) to May 1 at the rateof 7% per annum. Checks will be mailed.-V. 96, p. 363.

California Wine Association, San Fr.-Debentures.-V.-P. C. 0. 0. Miller in a circular dated Mar. 18 says in subst:The company, for the purpose of paying a portion of the cost of new prop-

erty, reducing the amount of the floating debt of the corporation and Reconstituent companies, and for other purpo.ses, has sold to an underwritingsyndicate 33.000.000 of a $5,000,000 issue of 6% convertible debenturebonds maturing in 1925. and has arranged that the holders of its capitalstock (both pref. and common) of record March 20 1913 may subscribetherefor at the office, 180 Townsend St., San Fr., on or before April 20 atthe price of $980 for each $1,000 bond in the proportion of ono $1,000 bondfor each 20 shares ($2.000) of stock then standing in their names, respective-ly. Subscriptions are payable 25% April 20, 25% June 20, 25% Aug. 20and 25% Oct. 20 1913. or may be paid in full at once, in which case thebonds will be issued about Aug. 1.At the option of the holder the bonds are to be exchanged for common

stock for periods ending Sept. 10 as follows: 1913 to 1914 at $66 2-3 pershare, equal to 15 shares of stock for each $1,000 bond; 1914 to 1916 at$71 42 per share, equal to 14 shares of stock for each bond; 1916 to 1918at $76 92 + per share, equal to 13 shares; 1918 to 1921 at 383 1-3 per share,equal to 12 shares. All right to convert bonds into stock will absolutelycease on Sept. 10 1921.

Further Details of Bonds as Reported in San Francisco Papers.Total authorized issue to be 35,000,000; to be presently issued, $3,000,-

000; bonds to be dated June 10 1913 and duo Sept. 10 1925 (Interest M. & S.10). but red. at 105 and int. either as an entire issue at any time afterSept. 10 1914 or for the sinking fund, which, beginning Sept. 10 1914, willreceive yearly 214% for 3 years; then 3% % for 3 years and 5 thereafter,plus in each case an amount equal to any excess above 5% paid in dividendson stock. But debentures converted into stock to be considered as pay-ments to the sinking fund. The present issue ($3,000,000) has been under-written by a syndicate headed by J. Barth & Co. and Sutro & Co. of SallFran. at 95%, and it is thought in San Francisco will pave the way to divi-dends on the stock.[Incorporated Aug. 10 1894. Owner and handler of its own brands and

of the brands of Kohler & Frohling, B. Dreyfus & Co., Napa Valley WineCo.. S. Lachman Co., C. Carpy & Co. and Kohler & Van Bergen. -V. 95, p. 45.

Calumet & Hecla (Copper) Mining Company.-Earninvs.-The balance sheet of Dec. 31 1912 shows a de-crease IR surplus of $546,693 over last year's figures. Therewas produced during the year 67,856,429 lbs. of refinedcopper against 74,130,977 in 1911. The price per lb.received for copper sold was 16.65c. in 1912, against 12.82e.Dividends amounting to $4,200,000 were paid during theyear aggregating 168%, against $2,400,000 (96%) paid in1911.-V. 96, p. 556, 138.Carnegie Coal Co. of Pittsburgh, Pa.-New Stock.-A certificate has been filed at Harrisburg, increasing the capital stock

from $800,000 to $1,657,000. See V. 96, p. 490.

Cities Service Co.' New York.-Pref. Stock.-Henry L.

Doherty & Co. are offering a block of 6% cum. pref. stock.A circular says in brief:

Capitalization- Authorised. Outstanding.Preferred stock (6% cumulative) $30,000,000 $12,695,360Common stock 20,000.000 8,051.430

Statement of Earnings for 12 Months ending Feb. 28 1913.Gross earnings $1,284,869 Dividends on pref stock__ $636,564Net earnings $1.218,367 !Divs. on common stock__ 250,160

Surplus for 12 months $331,637

Net earnings for the 12 months ending Oct. 31 1912 were 31,085,819,against 3885.987 in 1910-11. Dividends aro paid monthly at rate of 6%per annum on pref. stock and 5% per annum on common stock. Divi-dends on common aggregated 3% per annum to Jan. 1912; 4% during 1912.and beginning with Feb. 1 1913 5% per annum. s,74A holding company for the stocks of public utility companies, and now

controls through stock ownership the following companies, serving a popu-lation of over 950,000: Denver (Col.) Gas & Electric Light Co., Denver;Empire District Electric Co., Joplin, Mo., and adjoining territory; BrushElectric Co., Galveston,: St. Joseph (Mo.) Railway, Light, Heat & PowerCo.; Danbury and Bethel (Comm.) Gas & Electric Co.; Empire DistrictGas Co., Kansas, Missouri and Oklahoma.-V. 96, p. 718, 656, 205.

City Electric Lighting Co., Vincennes, Ind.-Control.See Eastern Power & Light Corporation above.



ft

Claremont (N. H.) Power Co.—Control.—See Eastern Power & Light Corp. under "Railroads" above.—V.95,p.1125

Connecticut Power Co., Boston.—Conso idation.—Stone & Webster, Boston, have consolidated under this titlethe Middletown Electric Light Co., New London Gas & Elec-tric Co., Eastern Connecticut Electric Power Co. and Con-necticut Power Co., (the last-named owning the BerkshirePower Co. at Canaan, the Norfolk El. Lt. Co. and theSharon Electric Light Co.) and will develop at once a hydro-electric plant at Falls Village, on the Housatonic River, withan installation of 12,000 h. p., utlimate capacity 16,000h. p. To cover the cost of the properties acquired and theaforesaid plant, there will now be issued pref. stock, $1,250,-000; common stock, $1,000,000, and bonds, $2,445,000.A public offering will probably be made at an early day.A transmission line, principally on steel towers, will connect the plant

with Torrington, Thomaston, Bristol and possibly Middletown. There isa modern steam plant of about 2,700 h. p. capacity at Middletown, anotherof about the same capacity in New London and a small hydro-electric andsteam relay plant at Canaan.

Directors: Charles A. Stone. Edwin S. Webster, Russell Robb, HenryG. Bradleo, Eliot Wadsworth, Dwight P. Robinson and John W. Hallowellof Stone & Webster; Winthrop G. Bushnell and Samuel C. Morehouse ofNew Haven and Frederick P. Royce, V.-Pres. of the Stone & WebsterManagement Association.H. C. Warren & Co. of New Haven in November last, when offering a

small block of Connecticut Power Co. 1st M. 50-yr. gold 5s of 1906, dueJuly 11956, said: "The charter granted by the General Assembly of Con-necticut in 1899 is very liberal in its provisions and permits the company tomake and distribute electricity by any known means throughout theState. The company has acquired by purchase practically all of the 6,000shares of the capital stock of the New London (Conn.) Gas & Electric Co.and has acquired by deed the entire property and franchise of the FallsVillage (Conn.) Water Co. This company has a partial hydraulic develop-ment of a natural waterfall of 64 ft. [at Great Falls] on the Housatonic River,supplemented by 30 ft. additional head in the rapids 2,000 ft. below thebase of the main cataract making a total available head of 94 ft. TheStone & Webster Engineering Corporation of Boston has recently acquiredcontrol. The income from the New London Gas & Electric Co. alone issufficient to pay all existing operating expenses, interest charges and a fairreturn upon the stock." See also V. 93, D. 532.

Consumers' Co., Chicago.—Bond Issue.—The companyhas made a mortgage to Augustus S. Peabody and the Cen-tral Trust Co. of Illinois, as trustees, to secure an issue of$1,500,000 of 6% bonds, dated Mar. 1 1913 and maturingMar. 11928.The proceeds will be used to pay floating debt and supply additional

working capital. The loan is secured by 75 pieces of real estate in CookCounty and also by real estate in 6 other counties in Illinois and a dozencounties in Indiana and Wisconsin.

Peabody, Houghteling & Co. have, it is stated, placed the $1,500,000 6%bonds in Scotland, where they were over-subscribed.—V. 96, p. 792, 556.

Curtis Publishing Co., Philadelphia.—Stock Increase.A certificate has been filed at Harrisburg increasing the capital stock

from $10,000,000 to $20,000,000.—V. 96, p. 138.

Dayton, 0. Breweries Co.—Dividend Withheld.—r President Schantz has sent a letter to stockholders announcing that, onaccount of the recent flood, the company would be compelled to withholdthe checks for the quarterly dividend of 13,6% on the $1,249,125 6% non-cumulative preferred stock, which would have been payable April 1. Theletter stated that 80% of the company's property is flooded and its personalholdings in them destroyed, and that it cannot be predicted when the com-pany can resume business. Quarterly payments of 136 % were regularlymade from Oct. 1910 to Jan. 1913, the same amounts having been paid inMay 1910 and July 1907.—V. 94, p. 489.

Denver (Col.) Union Water Co.—Control.—Control ofthe Mountain Water-Works Construction Co. which ownsmost of the capital stock of the Denver Union Water Co. isbeing acquired by a Denver syndicate headed by Boettcher,Porter & Co. The "Denver Post" of Mar. 24 says in subst.:

John Evans, Pres. of the Mountain Water-Works Construction Co., andChairman of the Board of the Denver Union Water Co., is ca-oporatingwith Boettcher, Porter & Co. Mr. Evans represents the Cheesman stockThe purpose of the syndicate in seeking control is to eliminate all chance

of complications in re-financing the company when the $8,000,000 of bondsof the Denver Union Water Co. mature on July 1 1914, and, in the eventof an unfavorable decision by the U. S. Supreme Court in the pendinfflitigation with the city, to leave the property in the hands of men financiallyable to preserve the equity of the shareholders in the settlement with city.When the growth of the city required extensive improvements and addi-

tions to the plant of the Denver Union Water Co., the Mountain Water-Works Construction Co. was organized to finance the undertaking. Thisconcern issued its stock at the rate of one share for each five and a fractionshares of the original company, financed the loans needed, and built Chees-man dam and much of the work entailed in the enlargement of the distribu-ting system from Cheesman and Marston lakes (compare V. 78, p. 105, 231,289). All the stock was not taken over and the syndicate is gathering same.

Should the Supreme Court determine that the city must renew the fran-chise of the Water Co. for a term of 20 years, the men who are buying willbe in a position to negotiate a bond issue on favorable terms to replace theissue which is approaching maturity. On the other hand, should the Su-preme Court hold the company bound to sell at the appraised valuation of$14,400,000 plus the amount expended since the appraisal in extensions andimprovements. about $1,800,000, the now owners will negotiate the sale.[The Denver "Republican" on March 25 said: "After seven months'

study of the Denver Union Water Co.'s stock, Boettcher, Porter & Co.yesterday completed the purchase of 6.000 shares. Some of the stockbought was the property of the holding company, which owns 8070 of Den-ver Union stock and some was a portion of the remaining 20% ."—V. 96,ri• 492.

Electric Co. of Missouri, St. Louis.—New Name—Bonds, &c.—The Suburban Electric Light & Power Co. ofSt. Louis, a subsidiary of the North American Company(see V. 96, p. 944) on or about March 20 1913 changed itsname to the Electric Company of Missouri and increasedits capital stock from $750,000 to $3,750,000 of which $1,750,-000 is 7% cumulative preferred stock, and $2,000,000is common; outstanding $750,000 pref. and $1,250,000common. The company has also made a mortgage to theBankers Trust Co. of N. Y. and Charles S. Ruffner as trus-tees to secure an issue of 1st M. 40-year bonds, of which31,750,000 5 per cents will now be issued.

Officers same as for Suburban Electric Light & Power Co. The com-pany will take over certain electric light and power properties of the NorthAmerica Co. in Missouri and also the property, business and franchises ofthe Suburban Electric Light & Power Co. (V. 92, p. 1114.)

Electrical Securities Corp.—Bonds Offered.—Jackson &Curtis are placing at par and interest 8500,000 collat. trusts. f. gold 5% bonds, 12th series, dated Feb. 1 1913, dueFeb. 1 1943, but redeemable, all or part, at 103% and int.on any int. day. Int. F. & A. at Guaranty Trust Co.

Sinking fund must retire $475,000. Par of collateral, $625,000. Since1904 has issued $8,500,000 collat. trust 5% bonds; canceled to Apr. 1913$4,577,000; bal. out, $3,923,000. Capital stock, $1,000,000 5% pref.and $2,500,000 common, the latter owned by General Electric Co. Assets,cash, $335,478; securities appraised at 87,973.„500.

Collateral for this issue, Consol. Power & Lt. Co. of S. Dak. 1st consol.5s, due 1929 (V. 95, p. 51), $100,000; Great Western Power Co. 1st M. 5s,due 1946, $100,000; Yadkin River Pow. Co. 1st M. 5s, due 1941 (V. 93, p.1267). $100,000; Great Nor. Power Co. 1st M. 5s, 1935 (V. 92, p. 1036),$100,000; Anniston (Ala.) El. & Gas 1st 5s, 1929, $100,000; Wash. Bait. &El. 1st 5s, 1941, $125,000. (For last two issues see "El. Ry. Sec.")

Profit and loss cal. year 1912: Interest received and accrued, $431,450:dividends received, i75,219; total, $506,669. Deduct: Bond interestpaid, $182,448; expenses (incl. taxes), $82,532. Bal., surp., $241,689.Profit from sales securities, $709086; less disct. and prem. on coll. trustbonds, 1131,640; net, $677,445. In 1912, in addition to dividends of 5%on $1,000,000 pref. stock and 8% on $2,000,000 common stock, stock divi-dend of $500.000 was paid and 3123,876 added to surplus, making sameDec. 31 1912 $1,227,647. Compare V.95, p. 682. 1748.

Goldfield Consolidated Mining Co.—Earnings.—GrossBalance,Period Net Depre- Dividendspaid.

Covered— Revenue. Earnings. ciation. Surplus.14 mos. end'gDec. 31'12 $7,518,935 $4,886,399 $140,790 (16 %)$5,694,637 def.$949,028Year endingOct. 31 '11 9,890,029 7,526,846 147,195 (20%)7,118.296 sur.261,355There was produced during the year ending Dec. 31 1912 415,786 tons,

against 330,549 tons lathe year ending Oct. 31 1911.—V. 96, p.656, 422.Grasselli Chemical Co., Cleve.—New Stock.—Hayden,

Miller & Co., having underwritten the recent issue of $1,500,-000 6% cum. pref. stock, offered on March 27 a limitedamount at 104 and div. Dividends Q.-M. 30. Par $100.

Data from Letter of Pres. C. A. Grasselli, March 12 1913.Business started in Cincinnati in 1839, moved to Cleveland in 1867.Incorporated in 1885 [an Ohio corp.]. Net quick assets are over three

times the pref. issue; total assets over ten times the pref. issue. For pastten years the company has paid dividends at rate of 8% per annum on itsoutstanding [common] stock. Has never had any mortgage or bondeddebt. The proceeds of the sale of this stock are to be used to pay forextensions and improvements made in 1912 and contemplated in 1913, andto increase the working capital. Directors (12 of whom have been with thecompany for over 10 years) are: C. A. Grasselli, Pres.; T. S. Grasseli,1st V.-Pres.; E. R. Grasselli, 2d V.-Pres. and Treas.; I. W. Mansfield, 3dV.-Pres.; E. R. Bailey, See.; W. T. Cashman, Daniel Bailey, W. J. Bever,H. C. Grant, E. W. Furst, G. E. Fisher, J. II. D. Rodier, J. II. Dempseyand J. H. Wade.lThe directors in Cleveland on Feb. 27 voted that there be disbursed fromthe surplus and undivided profits to stockholders of record Feb. 27 191350% (83,750,000) in common stock, certificates for which were mailedon or about April 1 1913 by the Citizens' Savings & Trust Co. of Cleveland.In view of this increase of stock it is stated that the directors deem itadvisable to reduce the com, dividends from 2% qu. to 136% after April 1.The directors also voted to sell $1,500000 of the $5,000,000 auth.6% cum. pref. stock, to cover extensions and improvements made in 1912and contemplated in 1913, and to increase working capital. Such stock wasoffered to the stockholders of record Feb. 27 1913 at par ($100 per share)in amounts equal to 20% of their respective holdings of the common capitalstock. Subscriptions must be made on or before March 14 1913, and are

Ytairg141'3Crtellitenednt?rre amount t exchangeei9E % April lu 1918 oacnkd A05%

000,000 common and $5,000,000 pref.; to be outstanding July 1 1913.$11,250,000 common and $1,500,000 preferred.Manufactures: (a) Acids.—Sulphurlc, muriatic, nitric, aqua fortis

acetic, oleum and oxalic. (b) Salts, &c.—Acetate of soda, phosphate andsulphate of soda, tri-scdium phosphate, chloride of ammonia, chloride ofzinc, acetate of lead, soldering flux, &c. (c) Miscellaneous.aqua ammo-nia, silicate and sulphide of soda, soda ash, iron oxide, caustic potash,arsenate of lead, &c.] See plants, V. 96, p. 422.

Great Falls Power Co.—Now Fully Controlled.—See Montana Power Co. under "Annual Reports" above.—V. 96, p. 138.Great Western Cereal Co., Chicago.—Status.—The Continental & Commercial Trust & Savings Bank, mortgage trustee,

on Mar. 18 by order of Judge Tuthill, turned over $155,400 to the receivers,Wm. A. Tilden and James F. Fielder. The trustee retained 34.600 toretire the remainder of the bonds not yet paid off. The last-named amount,as well as the proceeds to be obtained from the sale of the 2 remaining plantsat Muscatine, Ia., and Nebraska City, Neb., will be used to pay the claimswhich have been allowed, any remainder to be divided among the stock-holders. It is not possible to state at the present time when the receiver-ship will be wound up.—V. 94, p. 1387.

Hillcrest Collieries, Ltd.—Earnings.—For year 1912:Net profits, after all expenses, $100,101: rents on building, &c., $3,300:

total net profits, $103,401; Montreal expenses, $330; interest on loans andbonds, $21,060; pref. dividends, $49,350; balance, surplus, $32,661.Houston (Tex.) Lighting & Power Co.—Earnings

' &c.—

See American Cities Co. under Annual Roports."—V. 94, p. 211.

Hudson River Electric Power Co.—Payment from Pro-ceeds of Foreclosure Sale (See V. 93, p. 348, 799) on Unde-posited Bonds with All Overdue Coupons Attached.—

Now. Previous. To Date1. Hudson River Elec. Power Co. 1st M. bonds_375 19 $274 66 $349 852. Hudson River Power Transm. Co. ref. M. bds. 9 82 789 78 799 603. Hudson River Electric Co. 1st M. bonds 13 02 976 32 989 34Nos. 1 and 2 at Columbia-Knickerbocker Trust Co.; No. 3 at Guaranty

Trust Co.. N. Y. This is a revised statement. See also V. 94. 13. 1699.

Idaho-Oregon Light & Power Co.—Default—Plan.—The interest due April 1 on the first and refunding bondsremains unpaid, and a protective committee composed ofCharles E. Bockus of Boston, L. B. Franklin, Samuel L.Fuller, Daniel E. Pomeroy and Stacy C. Richmond of NewYork; Homer W. McCoy of Chicago, and William Mainlandof Oshkosh, Wis., is calling for deposits of the bonds with theGuaranty Trust Co. of New York, the State Bank of Chicagoor the Old Colony Tr. Co. of Boston. The committee say:

Controlled by the Idaho Ry., Light & Power Co., which owns $718,0001st and ref. bonds, $854,000 consol. 1st and ref. bonds, $250,000 notes, $2,-148,400 pref. and $6,415,100 common stock. If the Idaho-Oregon Co. canbe placed in a position where its properties may be convoyed to the IdahoRy., Light & Power free from liens, except underlying divisional bonds, thelatter company will cancel the $718,000 1st and ref. bonds which it holdsand will create an adjustment mortgage, covering all its properly, rightsand franchises to secure an issue of 5% bonds which it will exchange parfor par, for the $2,494,000 1st and ref. bonds of Idaho-Oregon held by othersand also issue to such holders its common stock at par to the extent of 25%of the face value of bonds oxchanged.—V. 94, p. 1630.

Indianapolis Light & Heat Co.—Bonds, &c.—Miller &Co., Indianapolis, are offering consol. M. 5s of 1905 at 993/iand int., part of the $3,132,000 recently reported outstand-ing (see V. 96, p. 866).Data Furnished by Pres. C. C. Perry,

Indianapolis, March 3 1913.Incorporated in Indiana and furnishes electricity for light and power in

Indianapolis and its suburbs, also steam heat in the business district.The oldest company in the city selling and generating electric current fordomestic and municipal uses. Distributing systems for one mile squareare underground. Has two central generating stations. The turbinestation at Mill St. and 18th St. Is thoroughly modern, capacity 15,000k.w.; buildings are being erected sufficient for a 37,500 k.w, addition, whichwill make it the largest central station in the State. Yearly growth of thebusiness (output) 15 to 26%. The additional storage battery now being


Arn. 51913.1 THE CHRONICLE 1025

Installed will give us sufficient storage capacity to supply our peak load inDec. in the business district for 20 minutes with both power plantsclosed down. We are furnishing service to over 27,000 customers. Ratesmoderate. [Population of Indianapolis: 1880, 75,056; 1890, 105,436;1900, 169,164; 1910, 233,650; 1913, 266,935. See also V. 96, P. 866.

Indian Refining Co.-Statement.-See "Reports."Plan of Reorganization Dated April 1 1913.-The share-

holders' committee has adopted the plan outlined below andhas extended until and incl. April 30 the time for makingfurther deposits with the Lawyers' Title Ins. & Trust Co.

Digest of Committee's Introductory Statement.In October 1911 a loan of $2,300,000 was obtained from a syndicate

headed by a trust company in N. Y. City, which loan was later increasedto $2,600,000. At this time the company's business was unprofitable.The company is now making substantial earnings. During the six monthsending Feb. 28 1913 the net earnings amounted to $657,000, and importanteconomies have since been introduced. The 1st M. sinking fund nowamounts to about $50,000 per month, thus reducing the bonded debt veryrapidly and the overdue loan of the trust company has been reduced to$2,184,000. The reduction in the indebtedness of the company during thesix months' period was nearly $1,100,000.•The plan now submitted provides that the company shall issue $2,550,000

secured notes. While this issue has not been underwritten, the com-mittee is assured that upon subscription by depositors and stockholders tothe extent of $1,200,000 par value, which at 85.will realize $1,020,000 incash, the balance of the present loan and the expenses of the plan can beprovided for by the remaining $1,350,000 of the issue, comprising the earliermaturities thereof, sufficient of which to pay off the balance of the existingloan will be taken by 'the trust cbmpany under an arrangement made withthe committee. If the issue of notes is not subscribed, for the trust com-pany has indicated its intention to collect its debt by legal process.The company's Auditor estimates the earnings for 1913 and 1914,

after providing $1,000,000 for the 1st M. sinking fund for those two years,and for car trusts, interest, &c., at $2,500,000, based on the business doneduring the last six months of 1912, without taking into account economiesIn operation not then in force. • If this estimate is even substantially cor-rect, the company should be able to pay the notes out of earnings beforematurity. [See 'AnnualiReports" on a preceding page.]

Outline of Plan-$2,556,000 New 7% Secured Serial Notes.The company shall issue $2,550,000 secured 7% notes dated May 1 1913

and secured by a second mortgage or deed of trust of certain physical prop-erties of the company and otherwise as the committee may deem advisable.Par $100 and multiples; interest payable half-yearly. Principal to mature:Nov. 11913. May 11914. Nov.1 1914. May 1 1915. May 1 1918. Total.

$500,000 $250,000 $300,000 $300,000 $1,200,000 $2,550,000Also redeemable on any interest day at company's option either as an

entire issue or in part in order of maturity.The company shall covenant that no dividend be paid on stock while any

of such notes maturing May 1 1915 or earlier shall be unpaid; and, com-mencing June 1 1915 shall pay into a sinking fund $33,000 per month forthe redemption at par of notes drawn by lot. The entire issue will becomedue upon default of any part of the principal or of any interest due on orbefore May 1 1915 and also after default for six months'either on any in-terest due after May 1 1915 or on sinking fund payments.

If this plan shall become, effective, the shareholders, whether or notdepositors hereunder, will be entitled to subscribe at 85% of the par valuethereof for notes of such issue due May 1 1918 to the extent of $20 par valuefor each share of their stock. Subscriptions to be paid in full on or beforeMay 1 1913 either at Lawyers' Title Ins. & Trust Co., 160 Broadway,N. Ir., or at Market Nat. Bank, Cincinnati, with discount at 6% on pay-ments madebpfore May 1.

If the plan becomes effective, all deposited stock assenting to the planwill be deposited under a voting trust agreement to continue for not ex-ceeding five. years, and voting trust certificates will be issued to the de-positors against the same. Depositors who do not file assent within thetime required will be presumed to have assented.[Signed by Evans R. Dick, Chairman; E. Clifford Potter, Robert H.

Gibson, Louis V. Bright, James M. Hutton, Max C. Fleischmann, LazardKahn. Archibald Forbes, 160 Broadway, is Secretary to the committee.]See also "Annual Reports" above.-V. 95, p. 1405, 1334.

International Salt Co.-To Reduce Cap. Stock.-Theshareholders will vote April 21 on decreasing the auth. cap.stock from $30,000,000 to $6,077,130, all in $100 shares,caneeling the $1,604,610 of treasury stock and reducingthe outstanding stock ($18,231,390) by 66 2-3% to the afore-said $6,077,130. The resolution of the board as shown incircular of March 31 says in substance:

Practically all of the largo stockholders have notified the board that intheir opinion the capital stock should be reduced to an amount more nearlyapproximating the total amount of outstanding bonds and floating debt.The present capitalization is largely in excess of the fair and reasonablevalue of the stocks now owned, owing, among other things, to the in-solvency and dissolution of the National Salt Co., for whose stock a largeamount of the stock of this company was originally issued. The proposedreduction will result in a large reduction of the annual franchise tax.-V. 96, p. 42.

International Steam Pump Co., New York.-Pref.Dividends Suspended.-The directors on Apr. 1 decided notto pay at present the quarterly dividend due May 1 on the$11,350,000 cumulative preferred stock. This stock hasalways heretofore paid its full 6% per ann. An official state-ment says in substance:

Business conditions since Jan. 1 last have been of a disappointing nature.The volume of new business has decreased and the prices obtained for ourmachinery have declined. No new competition has arisen but the ex-isting competition is, if anything, sharper than at any time in the historyof the company.For the first half of the current fiscal year, partly estimated, the net earn-

ings were well in excess of bond interest requirements and pref. dividends ofsubsidiary companies.-V. 96, p. 139.

Island Creek Coal Co.-Earnings.-For calendar years:Calendar Net Adm.& Interest Divs. Reserve BalanceYear- Earnings. Gen.Exp. Receiv. Piad. Fund. Sur.or Def.

1912 $811,048 $57,253 $18,693 $699,939 $95,356 def.$22,8061911 582,117 60,421 9,916 298,255 sur.233,357-V. 94, p. 1630, 1624.

Isle Royale Copper Co.-New Director.-C. Q. Whitten has been elected a director to succeed T. N. Perkins.-

V.96, p.492.

Lindsay Light Co.-Stock Increase.-The directors have recommended that the stock be increased from $200,-

000 to $1,000000, consisting of $400,000 7% pref. and $600,000 commonstock. A dividend of 200% in new pref. and 300% in new common, it issaid, is proposed.-V. 94, P. 1701.

Little Rock (Ark.) Gas & Fuel Co.-Bonds Offered.-Cooke, Holtz &

Co., Inc., Chicago, are offering at par,

yielding 6% interest (see advertisement) the unsold portionof $900,000 refunding mtge. 6% sinking fund gold bondsdated Nov. 1 1912 and due Nov. 11937, but redeemable onor after Nov. 1 1914 at 101 and int. Interest (M. & N.)at Cent. Tr. Co. of Ill., Chic., trustee. Par $500 & $1 ,000e* .Digest of Letter from Pres. J. C. Markley. Chicago, March 25 1913.Business and Property.-Does the entire gas business in the adjoining

cities of Little Rock and Argenta, combined population 65,000. Owns theoriginal artificial gas manufacturing and distribution plant and is now de-livering natural gas, through its artificial gas distribution system. This

natural gas was recently piped to Little Rock, a distance of 169 miles byanother company at a cost of about $3,000,000, and is delivered to thecompany at the city limits. A large amuont of money has recently beenexpended in extending the distribution system. Has now in service 118miles of mains and 7,213 meters. Entire plant designed according to thebest current practice of artificial gas companies. Original artificial gasfranchise has been amended to permit of the distribution of natural gas,an entirely satisfactory franchise running until 1940.

Capitalization Feb. 28 1913- Auth. OutstandinaCommon stock $1,000,000 $1,000,066Preferred stock 600,000 450,000Pulaski Gas Light Co. 1st M. 6s, due July 1 1917(Mortgage closed) 250.000

Refunding mortgage 6s (this issue) 3,000,000 900,000This issue is followed by an Authorized issue o $400,000 10-year 6%

debentures, due Dec. 11922, of which $287,000 are outstanding, represent-ing part of the equity over and above these bonds.The refunding bonds are a direct mortgage on all of the property, rights

and franchises, subject only to 2250,000 6% bonds. due July 1 1917, andwill also cover all property hereafter acquired; $1,850,000 escrow bondsmay be issued only for 80% of the cost of permanent extensions andadditions and, except for additional artificial gas manufacturing plantsor extensions of the present manufacturing plants, no bonds can be issuedunless the annual net earnings after deducting all operating expenses,maintenance and taxes are 1% times the annual interest charge, includingthe underlying bonds and the new bonds applied for. The. remaining$250,000 refunding bonds are reserved to refund, at or before maturity, the.underlying bonds due in 1917, upon the retirement of which this refundingissue will be secured by an absolute first mortgage.Earnings for the Six Months ended Feb. 28 1913, with Six Months' Interest

on all Bonds Now Out.Gross earnings $257,392 I Present interest charge_ __- 934,500Net earnings after taxes $61,719 I Balance, surplus $27,219The net earnings are over 1/ times the. interest charge, and it is esti-

mated that the net earnings for the cal. year 1913 will be over $125,000.Sinking Fund.-Until the company shall resume the manufacture and

distribution of artificial gas, $25,000 yearly, beginning Sept. 1 1913, mustbe used in retiring bonds or for extensions, enlargements and additions, onaccount of which no new bonds may be issued.

Business Field.-Little Rock is the capital of the State, and together withArgenta, the population [65,000] has shown an increase of over 40% inthe last ten years. The new Capitol Building recently completed, cost-about $4,000,000. Little Rock is the leading financial, manufacturing andJobbing centreof the State, serving a territory with a population of over1,500,000. The city's aggregate annual commerce is estimated at about$150,000,000. The shops of the Rock Island and Iron Mountain roads arelocated at Argenta. The two cities have 21 banks with resources of$18,000.000.Little Rock's 1908. 1909. 1910. 1911. 1912.Growth- -$

Bank clearings,cal. year __ _71,022,489 86,772,372 91,995,248 97,316,822 110,330,075

Postal receipts,'April 1 year_ 191,751 205,447 238,700 241,917 266,758Equity.-On basis of the cost of the property and the value of the junior

securities and stock, there is a very large equity over and above these bonds.

Louisville (Ky.) Gas 84 Electric Co.-Ordinances Signed.-Mayor Head has signed the amended ordinances permit-ting the proposed merger of lighting properties as plannedby Byllesby & Co.The merger, it is stated, will include every gas and electric lighting prop-

erty in Louisville except one, the property of the Kentucky Heating Co.being taken over, as well as the Louisville Gas Co., the Louisville LigatingCo., the George H. Fetter Lighting & Heating Co. and the CampElectric hich were already controlled by the Mississippi Valley Gas& Electric

Co.,do., a subsidiary of the Standard Gas & El. Co. Vol. 96, 9.556.

(The) Manufacturers' Co., Boston.-Secured Gold Notes.-Jackson & Curtis, Boston and N. Y., made an advanceoffering on Feb. 27 of $1,000,000 secured 5% 3-year goldnotes at 98- and int., to yield 5 A circular shows:Auth. $1,000,000, all outstanding. Dated Mar. 1 1913 and due Mar. 1

1916, but redeem. as a whole or in part on any int. day at 102A and int.Par $1,000 (c4). Int. M. & S. in Boston.Secured by deposit with Old Colony Trust Co., trustee, Of 5,000 shares

Pacific Mills, 2,000 shares Saco-Lowell Shops, 800 shares Ludlow Mfg.Associates and 300 shares Walter Baker & Co., Ltd., representing a totalmarket value of over $1,300,000. The market value of the collateral mustat all times equal 125% of the notes outstanding. Substitutions or with-drawals of collateral only with the approval of Jackson & Curtis.

Organized in Mass. [early in 1913] with Robert F. Herrick as President,to purchase and hold for investment, securities, particularly dividend-paying shares of conservative established Massachusetts industrial com-panies. It is capitalized at $200,000 6% pref. shares and $300,000 corn.shares, and holds assets, incl. those pledged, of a value of over $1,500,000.

Minneapolis General Electric Co.-Additional PowerAssured-Lease of Proposed Plant.-See Northern Mississippi River Power Co. below.-V. 95, p. 424, 180.

Mississippi River Power Co.-Bonds.-Lloyd's Bank,Ltd., London, was authorized until noon Mar. 27 to receiveapplications on behalf of the contractors for the purchase of$3,000,000 1st M. 5% 40-year gold bonds at £91 per $500bond, making $18,000,000 of the auth. $25,000,000 issued or agreed to be issued.The technical papers have recently described the plant at length. See

"Iron Trade Review" of Cleveland, Feb. 13.Condensed Letter from Pres. Edwin S. Webster, Feb. 25 1913.

[Addressed to Sperling & Co., London.]Calculated on the minimum recorded flow of the river, with proper steam

auxiliaries, it is estimated that 200,000 h. p. will be ultimately availableon a 50% load factor. The first installation will consist of 15 turbines witha rated capacity of 10,000 h. p. each. It is expected that the company willbe in a position to deliver power by July 11913. The work in connectionwith the completion of the dam and power-house for the ultimate installa-tion has been so far completed that only the machinery and superstructureare required in order to bring the capacity of the plant up to 200,000 h. p.The dam is of massive concrete 4,650 ft. long; the power-house, whencompleted for the total development, will be about one-third of a mile long.A transmission line 143 miles long has been built to St. Louis to carry

current at 110,000 volts. This will connect with Hannibal, Quincyand Alton, and with the plant of the Atlas Portland Cement Co. at Ilasco(near Hannibal). A low voltage line is under construction north to Bur-lington and Fort Madison.

Contracts.-A contract has been signed to furnish power for the use ofthe public utility companies of St. Louis which alone assures the company,an annual income of over $1,000,000, and, together with other contractsalready executed, will yield sufficient revenue to pay operating expensesand all interest charges.

Cost of Construction.-It was originally estimated that the companywould be able to build the dam and power-house and install turbines suffi-cient to supply 120,000 h. p. by the issue of $15,000,000 bonds, $6,000,000prof. stock and $16,000,000 com. stock. As the construction has pro-gressed it has seemed advisable to make the following changes: (1) Changesn generating plant to increase the efficiency and capacity of the plant;(2) the purchase of more flowage and other lands, a large part of whichwill require time to re-sell; (3) the purchase of land for factory sites, &c..near Keokuk; (4) additional work on power-station substructure; (5) sub-stations at Hulls, Basco and for the Alton line, which it has been decidedto install to enable us to obtain better prices by selling direct to some ofthe larger customers rather than to distributing companies; (6) distributinglines to Alton, Fort Madison, Burlington and West Burlington.The changes and work above outlined will require about $4,500,000.

Allowances for excess in construction costs and interest charges during con-struction will amount to approximately $2,000,000, making in total require-ments for new funds about $6,500,000. These funds will be partiallyprovided by the sale of the $3,000,000 of bonds now offered,


1026 THE CHRONICLE [Vora. gran:Earnings.-Prom contracts already concluded the company has an

assured annual income of $1,565,000. Future earnings are est. as follows:1Vhen200,000

1914. 1915. h. p. Is SoldGross earnings $1,750,000 $2,000,000 $3,750,000Oper. exp., taxes and int. on bonds 1,300,000 1,400,000 2,000,000

Surplus after bond interest .$450,000 $600.000 $1,750,000--showing bond interest covered nearly 1 4 times during thefirst year, over1% times during the second year, and interest on total auth. bond issuecovered approximately 21i times when final installation is complete and thefull output of power sold. Compare V. 92, p. 729.-V. 95, p. 683.

Mt. Whitney Power & Elec. Co., Visalia, Cal.-Notes.Louis Sloss & Co., San Francisco, offer 3100,000 12-months' notes, dLs-

coughed at 6%. John Hays Hammond personally guarantees the paymentof 0.4.se notes at maturity. Operates in Tulare County, Cal.

' selling elec-

tric power for irrigation pumps, &c. Gross earnings in 1900, 337,954; foryear ending Jan. 1913, $450,903. These notes provide temporarily fornew construction expenditures. Bonds are issuable for 80% of cost of newconstruction, but only when completed.-V. 96, p. 290.New York Dock Co.-Subsidiary Stock Authorized.-The P. S. Commission on April 1 granted the application of the New

York Dock Ry. for permission to issue $500,000 capital stock, of which$450,000 is to be 6% cum. pref. and $50,000 corn. stock. Compare V. 95,p. 1477. As to possible purchase of the property of the New York DockCo. (not New York Terminal Co.) by the city, see Bush Terminal Co.item. V. 96, p. 865.-V. 95, p. 1687.

Niagara Falls Power Co.-Combined Income Account.-3 los. end. Gross Net Other Fixed Balance,Dec. 31- Earnings. Earnings. Income. Charges,&c. Surplus.1912 $658,101 $555,402 $62,278 $333,496 $284,185-V. 95, p. 1125.

North American Co.' N. Y.-Sub. Company Bonds.-

See Electric Co. of Missouri above.-V. 96, p. 943.

Northern Mississippi River Power Co.-Bonds Offered-New Hydro-Electric Plant to Be Leased to Minneapolis GeneralElectric Co.-H. F. Bachman & Co.

' Phila. and N. Y., are

placing at 95 and int. $2,100,000 1st M. 5% bonds, datedMar. 15 1913 and due June 1 1938, but redeemable at 1023/2'and int. at any in period after June 11914. Continental& Commercial Trust & Savings Bank, Chicago, trustee. Par$500 and $1,000. Int. J. & D. A circular shows:

Outstanding Capitalization.Capita stock, all owned by Northern States Power Co. (auth.,$1,000,000), outstanding $750,000

First mtge. 55, auth., $2,500,000; reserved for 80% of cost offurther development, $400,000 2,100,000A first mortgage on all the lands, rights and property now owned or

hereafter acquired, and additionally secured by a•48-year lease of the prop-erty to the Minneapolis General Electric Co. at a minimum rental sufficientto meet the interest on the bonds as it accrues and the principal at maturity.The rental obligation ranks immediately after $7,930,000 first and closedmortgage 5% bonds, and is followed by the Minneapolis General ElectricCo. capital stock, which was recently acquired by the Northern States PowerCo. at a cash cost of $7,950,000 (see Consumers' Power Co. in V. 96, p. 288).Surplus earnings of the Minneapolis General Electric Co. for calendar year1912, after all fixed charges, were five times the int. charges on this issue.The Power Co. operates under a U. S. Govt. permit running until

Sept. 18 1961. [Incorporated in Minnesota in March 1913.1Organization.-Organized in the interest of the Minneapolis General Elec-

tric Co. to meet its increasing demand for power. The site of the proposed• hydro-electric development is at Coon Rapids on the Mississippi River, 11miles above Minneapolis. The high-tension transmission lines will bedirectly connected with the steam plant of the Minneapolis Gen. Elec. Co.The power house will be of modern design and construction, fireproof

throughout, with a capacity of 14,700 h. p., and an immediate installationof 10,500 h. p. The dam will have an average working head of 18 ft. andtotal length of 2,070 ft., viz.: (a) Spillway section 1,000 ft. long; (b) Powerhouse and retaining section 470 ft., including sluice-gates, log-chutes andfishway, of concrete and steel; (c) embankments at end of dam reinforcedwith concrete core-walls, 600 ft.; On the spillway section there will bosteel Tainter gates, 28 in number, each having an opening of 33 ft. for thepurpose of controlling the elevation of the water in the reservoir. Theconstruction is under the supervision of H. M. Byllosby & Co. of Chicago(who will also -manage the property) and Col. Potter, U. S. Govt.engineer. The completion of the plant is guaranteed by the NorthernStates Power Co., and power will be ready for delivery about Dec. 11913.

Lease.-The Minneapolis General Electric Co. has leased the entire prop-erty for 48 years, agreeing to operate the plant to its full capacity, pay alloperating expenses and taxes, make necessary repairs and replacements,and, at the termination of the lease, to deliver the plant in as good conditionas when received, reasonable wear only excepted, and in the meantime topay as rental 7 mills for each and every k. w. hour of current generated,with a minimum of not less than the following, payable in monthly installs.Minimum Rental Sufficient to Pay Accruing Int. and Principal at Maturity.1914-17. 1918-21. 1922-25. 1926-29. 1930-33. Thereafter.$125,000 $175,000 $225,000 $250,000 $275,000 $325,000Annual Earnings of the Minneapolis General Electric Co., the Guarantor

Gross. Net. Fixed Chgs. Bal.,Sur.1912 $1,734,546 $1,001,394 $372.601 $628,7931911 1,489,186 850,125 324,802 525,323Northern States Power Co.-New Subsidiary.-See Northern Mississippi River Power Co. above.-V. 96, p. 719.Norton Co., Worcester, Mass.-Bonds, &c.-Respecting the $420.000 1st M. 5% serial coupon bonds, dated March 1

1913 (Worcester Trust Co., trustee; par $1000), recently offered by Kinsley& Adams of Worcester (V. 96, p. 866), Pres. George I. Alden March 17wrote in substance:These bonds, of which $630.000 are authorized, are an absolute 1st M.

on all the real estate of the company situated in Massachusetts, consistingof over 84 acres of land and 25 substantial manufacturing buildings locatedin Worcester, Mass., which have an assessed valuation of over $630,000.Furthermore, being a direct obligation of the company, they are protectedby net assets of over $1,693.000.

Incorporated in Mass. in 1885. Manufactures grinding wheels andabrasive products of all kinds. The abrasives, "alundum" and "crystolon,"which are products of the electric furnace, are made in the company's ownplants in Niagara Falls, New York and Chippewa, Canada. Also ownsa controlling interest in a company in Wesseling, Germany, engaged in themanufacture of grinding wheels, and which is valued at over $250,000.Our product is shipped to all parts of the world. To accommodate itsincreasing business, the company has recently been obliged to enlarge itsfacilities at Niagara Falls and Worcester, and, furthermore, contemplatesthe establishment of a grinding-wheel plant in England.

Assets Dec. 311912.-Real estate, $816,911; machinery. $262.340; mer-chandise, $520,054; cash and debts receiv., $397,663; outside investments,$336,978; total, $2,333,946. Offsets-Capital stock. $816,000; accountspayable, $105,369; notes payable. $535,133; surplus, $877,444.Average annual net earnings for 10 years ending Dec. 31 1912 have been

over 5 times the yearly interest requirements on the issue of 8630,000 1stM. bonds. The sales have about doubled in volume in the past 5 years.Employs in Worcester 1,060 persons and about 100 more in its works inNiagara Falls, N. Y., and Chippawa, Canada.

Directors.-George I. Alden (Pres.), Charles L. Allen (Trans. and Gen.Mgr.), John Jeppson (Supt.), George N. Jeppson (works manager), Aldus0. Higgins (Sec. and Counsel), Fred. H. Daniels and R. Sanford Riley.See also V. 96, p. 866.

Nova Scotia Steel & Coal Co.-Sale of Deb. Stock, &c.-President Harris at the annual meeting on March. 26 announced that the

debenture stock issue ,referred to in the annual ,report had been sold at asatisfactory figure. The proceeds will be used to open a new colliery atSydney Mines and enlarge the Wabana plant. W. H. Chaos of Woirvilleand Frank Ross, Quebec, had been elected to the board of directors.-V. 96, p. 556.

Old Dominion Copper Mining & Smelting Co. of N. J.-Earnings.-Cal. Year- Total Earns. Net Profits. Dividends Paid. Bal., Sur.1912 32,888,203 $1,004,186 (18%)$729,000 $275,1861911 2,453,679 621,964 (12%) 486,000Total surplus Dec. 311912, 3962,229.-V. 94, p. 1570.

135,984

Omaha (Neb.) Water Co.-Payment of Premium Certif's.The New York State Court of Appeals having decided that the comple-tion of the purchase by the city of the company s water works does not re-lieve it from the payment of a 5% premium on its consolidated M. and

prior lien bonds, the holders of the laond premium certificates dated July 11912 are notified to present the same for payment on or before May 1 1913with $2 08 accrued interest at the Farmers Loan & Trust Co. and Guar-anty Trust Co., respectively. Compare V. 96, p. 950; V. 94, p. 1630.Remington Typewriter Co., New York.-Dividend

Prospects.-The committee representing common stock-holderslhas issued a report stating in part:"We called on Pres. Earle and urged him to resume dividends on thecommon stock on April 1. Ile told us that while he appreciated thenecessity of commencing dividends at an early date, he did not feel justifiedin recommending that the directors declare a dividend at this time. Ilestated, however, that if nothing of an alarming nature took place in themeantime he would strongly recommend to the directors that the paymentof dividends be resumed on Oct. 1."-V. 96, p. 943. 866.(R. J.) Reynolds Tobacco Co. Winston-Salem, N. C.-The stockholders on April 2 auth. the lime of $10,000,000 7% cum. prof.stock.-V. 96, p. 945, 731.(M.) Rumely Co., La Porte, Ind.--Report.--See"Reports."Officers.-The following changes in officers are announced,

giving the bankers who recently financed the company betterrepresentation:Emmett Scott has been made Treasurer to succeed Edward A. Rumely,

formerly Treasurer and General Manager. Mr. Rumely continues asVice-Pres. and Gen. Mgr. J. H. Guy has been elected a Vice-Pres. incharge of the company's finances. A finance committee has been ap-pointed consisting of E. A. Rumely and Max Horwitz and Elisha Walker,the last-named two representing the banking firms who recently financedthe company.-V. 06, p. 657, 557.

Sears, Roebuck & Co.-Sales.--1913-March-1912. Increased 1913-3 Months-1912. Increase.

$8,124,594 $7,322,552 8% 1823,635,949 $20,679,282 14.26%-V. 96, p. 423, 356.

Southern California Edison Co.-Earnings.-Calendar Gross Net Int. Depre- Pf. Div. Com.Div. Bal..Year- Earnings. Earnings. Amort. elation. (5%). (5%). Sztrp.

$ $ $ $ 31912 4,337,441 2,001,355 708.71911

96 650,000 200,000 430,000 19,5593,738,165 1,902,280 624,829 650,000 200,000 371,250 56,201

-V. 96, p. 423, 207.

Standard Steel Co.-New Company.-The referee in bankruptcy of Southern Iron & Steel Co. has executed a

deed of the property to the new company, the Standard Steel Co., whichhas taken over the same and elected the following officers:

Pres., James llowron; V.-Pres. and General Sales Agent, It. SanboraSmith; Sec. and Treas., R. R. Forsyth. The offices will be located inBirmingham, Ala. (V. 96, p. 423, 140.)

Steel Co. of Canada.-Listed.-The Montreal Stock Exchange has listed an additional $500,000 of the

company's bonds.-V. 95, P. 1750.

Suburban Elec. Lt. & Pow. Co., St. Louis.-Name,See Electric Co. of North America above and compare report of North

American Company in V. 96, p. 944.-V. 92, p. 1114.

Thomas Iron Co., Easton, Pa.-Changes in Officers.-B. F. Fackenthal Jr., who has been Pres. and Gen. Mgr.since 1893, has tendered his resignation as of May 1. EdwinThomas of Catasauqua has been made Vice-Pres. to succeedWm. H. Hulick, who also resigned on account of the pressureof duties as Vice-Pres. of the Warren Foundry & MachineCo. of Phillipsburg, N. J. Mr. Thomas also has beenappointed Gen. Mgr., pending the election of a President,which will probably not be held until the annual meeting ofthe stockholders in September. Both Mr. Fackenthal andMr. Hulick remain directors.-V. 95, p. 485.Union Bag & Paper Co., New York.-Annual Report.-

The pamphlet report now at hand gives the final figures forthe year ending Jan.31 1913 as follows (compare V.96, p.942).

RESULTS FOR YEARS ENDING JANUARY 31.1912-13. 1911-12. 1910-11. 1909-10.

Profits per year $554,251 $1,017,835 $1,038,112 $1.055,400Interest on bonds $200.217 $170,146 $173,285 $167 47:05377Int. on pur. mon. oblig_ 53,562 23,850 37,034Preferred dividends_ _ _ _ (3)330,000 (4)44302,330004 (4)440,000 (4)440,000Depreciation, &c x122,585 122,265 120,987 149,925Sinking fund for bonds.. 134,925 114.095 110,745 107,605

Surplus or deficit _ _ _ _def$286,007 sur$138.995 sur$169,245 sur$153.258The balance sheet of Dec. 31 1912 is approximately as shown in V. 96

p. 942.

United Gas Improvement Co.-Suit Dismissed.-JudgeCoxe in the U. S. District Court in this city yesterday dis-missed the complaint in the suit brought under the ShermanLaw by William N. Sleitman, as a stockholder of the Consoli-dated Street Lighting Co., against the United Gas Improve-ment Co., the United Lighting & Heating he Wels-bach Street Lighting Co. of America, the

Co.,donsolidated

Street Lighting Co. and 5 individual officers and directorsof the defendant companies, for triple damages aggregating$3,000,000.The complaint alleges that the defendants formed a so-

called lighting trust ,prior to 1906, and that the defendantsentered into a conspiracy to control the business of securingcontracts for municipal lighting throughout the United States,and that the conspiracy was carried out by the formation ofother companies, apparently for purposes of competition, butwhich were in reality under their control; also that the de-fendants wrecked the property of the Consolidated Company,valued at $1,000,000.The Court holds that an equity suit cannot be maintained under Sec. 7

of the Anti-Trust Act by a single stockholder to recover threefold damagesfor injuries sustained by his corporation. This, it is said, has been uniform-ly construed to refer only to an action at law for threefold damages in whichthe defendants would have a right to trial by a jury. The corporation it-self can bring an equity suit. A. law which grants such drastic relief must,It is said, be strictly construed.-V. 96, p. 657, 558.*United States Finishing Co.-New Officers.-The fol-lowing statement was issued Mar. 28:As is generally known, through the co-operation of the banks holding pa-

per of the company, a creditors' committee has been organized, consisting



of C. L. Bausher, George S. Mumford and Herbert J. Wells. This com-mittee has recommended that the business of the company be continued.As an initial step to that end, the board has accepted the resignation ofJoseph H. Wright as President and a director, and Franklin S. Jerome asTreasurer and a director. These resignations extend, also, to the subsidi-ary companies. Henry B. Thompson was elected President and Treas-urer and immediately entered upon the duties of his office. Mr. Thompsonwill be remembered as having served for 23 years as Treasurer of JosephBancroft & Sons Co. and during the last year hag been asSociated with theUnited States Finishing Co. in an advisory capacity. He now takes uponhimself the full executive management of the company. The future opera-tion of the company is thus assured.-V. 90, p. 867, 794.United States Rubber Co.-On 6% Basis.-A quarterly

dividend of 13/2% has been declared on the $36,000,000 com-mon stock, payable Apr. 30 to holders of record Apr. 15,comparing with 1% quarterly from Oct. 1911 to Jan. 1913,inclusive. The regular quarterly dividends of 2% and 1%%,respectively, are also payable on the first and second pref.stock at the same time.

Dividend Record Since 1899.'99. '00. '01. '02.'03. '04. '05. '06-'10. 11. '12. 1913

Common 2 2 None 1 4 Jan., 1; Apr., 11st prof_ 8 8 1 None 434 8 8 y'ly 8 8 Jan., 2: Apr., 22d prof_ _-Issued in 1905 134 6 y'ly 6 6 Ja.n.,1%APr.,1%

President Colt is quoted as saying that, although all of the April 1 inven-tories have not yet been completed, it is known that the net earnings forthe year would be from $1,500,000 to $2,000,000 in excess of all dividendsdeclared, including the increased dividend on common stock. PresidentColt also said that more than nine-tenths of the 2d pref. stock had boonexchanged under the recent offer of 3 shares of 1st pref. for 4 shares of 2dpref. stock.-V. 96, p. 867, 731. ifiUnited States Smelting, Refining & Mining Co.-

Cal. Net Exp. & Divs.Min. Preferred Common Balance,Yr. Earnings. Deprec. Sub.Cos . Dios .(7%) Dividends. Surplus.

1912-$5,497,965 $1,265,000 $1,702,120 5%)$877,762 $1,653,0831911_ 3,961,103 1,120,690 $339 1,702,120 4%) 702,210 435,744The balance surplus for 1912, after deducting $235,000 for additional re-

serve, was $1,418,082.Output of copper, load, silver and gold, 21,152,620 lbs., 56,385,769 lbs.,

12,059,829 ozs. and 140,183 ozs. in 1912, respectively, against 22199.141ilbs., 49,022791 lbs., 10,285,150 ozs. and 118,703 ozs. respectively n 1911.

Average prices received. 16.237c. copper per lb., 4.529c. lead per lb.and 61.291c. sliver per oz. in 1912, against 12.459c. per lb. for copper,4.428c. per lb. lead and 54.003c. per oz. silver in 1911.-V. 95, p. 822.'Upham Bros. Co. (Shoe Mfrs.), Stoughton, Mass.-

Pref. Stock.-Frank R. Keith & Co., Boston, are placingat 1023 $50,000 7% cum. pref. stock. Divs. Q.-J. Re-deemable, all or part, at any div, date after 60 days' noticeat $110 per share and divs. A circular shows in substance:

Massachusetts corporation. Capitalization in $100 shares: (a) Com.stock, auth., $150,000; issued, $120,000; (h) pref. stock., auth., $100,000issued, $78,000. No bonded debt. Established in 1880 as a partnership;incorp. 1903. Manufactures high-grade men's shoes of the better class.Extensive modern plant at Stoughton, erected at cost of $140,458 (includingmachinery, &c.), but carried on books at only $39,845.Average dive. on the com. stock during the past 10 years over 19% annu-

ally. Tho pref. shares are prof. as to 7% cum. divs., are entitled to $110per share upon dissolution, and will have exclusive voting power if theirdivs. for ono year are not paid. No divs. on com, stock unless aggregatenet assets are 175% of the pref. stock. No bonded debt and no additionalprof. stock without consent of 75% of pref. stock. Cumulative sinking fundto retire pref. stock begins in 1915-a sum annually equal to 3% of theoutstanding pref. stock. Certified accountants report: Quick assets,$231,933; bills payable, $118,675; net surplus, $113,258, adding that$50,000 prof. stock and the book value of the plant ($39,845) make total netassets of over $259 per share for the issued pref. stock. Average earningsfor past 8 years, $21,661, or over 3 times the dividend requirements of thetotal pref. stock.Utah Consolidated Mining Co.-Earns.-For cal. year:

Calendar Total Net Prey. Dividends Gen'l TotalYear. Profits. Profits. Surplus. Paid. Res've. Surplus.

1912 ...._ _$1,677,919 $603,923 $474.329 (30%)$450,000 *5591,2681911 ___ 1,549,790 438,430 322,239 (10%) 150,000 $40,000 474.329*After deducting expend. during year on plant written off, $36,985.Copper bullion and supplies on hand Doc. 31 1912, $401,430, against

!648,867 in 1911. There were prodiuced in 1912 6,506,814 lbs. of copperagainst 9,162.023 lbs. in 1911), 230.004 ozs. of silver (against 160,367 ozs.),4,042 ozs. gold, and 8,734,398 lbs. of lead.-V. 95, p. 1335.Vulcan Detinning Co., New York.-Earnings.--

Year end. 9 Mos.end. -Yrs. end. Mar. 31-Dec. 31 '12. Dec. 31 '11. 1910-11. 1909-10.

Net profit over depr., &c_$162,270 $155,791 $110.056 $208.685Dividends, preferred_ (75)105,000 (44 )71,250 (53.082,500 (6 %)90.000

Balance, surplus $57,270 $84,541 $27,556 $118,685-V. 96, p. 66.

Washington Oil Co.-Earnings for Calendar Year.-Calendar Oil Net (aft. TaulorCos. Total Tot.Surp.Year- Revenue. Deprec.) Profits. Net Inc. Dec.31.

1912 $84,045 $29,817 $4,020 $33,837 71,637

$2559:989201911

18,754 7,209 15,963

Tho report also shows the following valuation of oil and gas lands, wells,leases and rights after adjustment: Adjustment for depreciation .$67 ,C67;other assets, including plant equipment, investments and quick assets,$97,853; gross assets, $167,920; accounts payable, $5,100; net assets, $159,-820.-V. 96, p. 140.Youngstown (0.) Sheet & Tube Co.-Increase of Stock.The stockholders will vote on May 1 on increasing the common stock

from $10,000,000 to $20,000,000. There are rumors of a stock divi-dend of from 40 to 50%, the remainder of the new stock to be heldin the treasury for future neods.-V. 95, p. 1626.

-Isaac N. Powell and E. A. Garard of Chicago haveorganized the firm of Powell, Garard t.Cc, Co. to engage in thebond business in Chicago. The new firm will deal in munici-pal and public service corporation bonds and mortgages.They have opened an office at 39 South La Salle St., Chicago.Mr. Garard has been with Cooke, Holtz & Co. of Chicagosince their organization as II. T. Holtz & Co. and was amember of that firm and manager of the sales department.Mr. Powell was Treasurer of the City of Chicago at one timeand has been President of the Ashland State and the Wash-ington Park National banks of that city. He remainsChairman of the board of directors of the Washington ParkNational Bank and is also a director in the South Side StateBank.-The partnership heretofore conducted under the firm

name of Smith, Heck & Co. expired on the 31st ult. and thesucceeding firm of F. H. Smith & Co. was formed on the 1stinst. at 71 Broadway, this city. The new partnership ofF. H. Smith & Co. is composed of Frederick H. Smith 3rd,member of the N. Y. Stock Exchange, and Charles C. Hoge.F. H. Smith & Co. will continue to transact a general com-mission business in stocks and bonds, specializing in UnitedStates Government and N. Y. City bonds. Daily quotationssheet on application.

-In a recent issue of "Sunshine," the official organ ofthe Sun Life Assurance Co. of Canada (head office Montreal),we note that that company will shortly begin the construc-tion of a new building which will rank among the hand-somest and most serviceable office structures in the Domin-ion. The company has acquired for this purpose one of themost prominent sites in Montreal, facing Dominion Square,the plot taking in both the Y. M. C. A. building and KnoxChurch, in all 344x220. It is the intention to utilize forthe building proper 144 feet on Dominion Square, with adepth of 220 feet extending through to Dorchester Street,thus giving plenty of light and air, and also keeping outundesirable neighbors, although the other 200 feet facing thesquare will be sold at a fitting opportunity. The new headoffice building will be 109 feet high, built of gray graniteafter a tasteful classical design, and will embody the latestdevelopments in modern commercial architecture. TheSun Life has enjoyed a most prosperous growth in its business;in 1912 it wrote in new business alone $37,974,757, an in-crease of 85,571,351 over 1911. Robertson Macauloy isat the head of the company, and associated with him in itsmanagement are S. H. Ewing, Vice-President; T. B. Mac-aulay, managing director, and Secretary; Arthur B. Wood,Actuary; E. A. Macnutt, Treasurer, and F. G. Cope, As-sistant Secretary and Superintendent of Agencies.-Hornblower & Weeks, 42 Broadway, this city,and also

of Boston, Chicago and Detroit, are offering fifteen activelisted 4%,432% and 5% bonds maturing from 1920 to 2002,secured in many cases, the firm states, by first mortgageon properties of increasing value and with margin of safetyaveraging high. These bonds are now selling at an averageprice nine points below the high prices of 1908 and yieldingat present prices 5.40% on the investment. Informationon request to the bond department.-N. W. Halsey & Co. of N. Y., have announced that

after March 31 1913 their business in the New EnglandStates will be handled by Halsey & Co., Inc., 55 CongressStreet, Boston, Mass. Halsey & Co., Inc.

' will act as fiscal

agents for municipalities, corporations and estates and willdeal in Government, municipal, railroad and public utilitybonds, with especial reference to the requirements of the NewEngland market. F. Monroe Dyer and George A. Lyon Jr.will be in charge of the Boston office.-"Prices of Representative Railroad Bonds, 1900 to

1913," is the title of a new booklet which has been issued bythe Baltimore banking firm of Mackubin, Goodrich & Co.at 110 E. German St. This pocket booklet gives the rangeof prices of 25 representative high-grade railroad bondsduring the years 1900 to 1913, and is of special interest toinvestors at this time. The firm has a limited number ofcopies for general distribution, which will be mailed uponrequest.-The new firm' of Spalding & Close, 52 Broadway, this

city began business last Wednesday. The co-partnershipconsists of Edward Elbridge Spalding and Edward BennettClose and will do a general business in investment securi-ties, making a specialty of high-grade bonds suitable for in-vestment by institutions and private investors.-William P. Bonbright & Co., 14 Wall St. and Spitzer,

Rorick & Co., 5 Nassau St., this city, are jointly offering forsale a total closed issue of $2,350,000 Eastern Power & LightCorp. 5-yr. convertible bonds at 95 and accrued int. yieldingover 6N%. Tax refundable in Pennsylvania. See adver-tisement for particulars.

-Walter C. Rauscher and Avent Childress, formerly withBigelow & Co., 49 Wall St., this city, announce that theyhave formed a partnership under the firm name of Rauscher& Childress at 64 Wall St. The new concern will conduct ageneral investment and brokerage business in bonds and un-listed securities.-J. S. &W. S. Kuhn ,Inc., of Pittsburgh, have just issued

a now circular on West Penn Traction Co. first mortgage 5%bonds due 1960, which they own and offer, subject to priorsale, at 97 and interest. Copies of this circular will be mailedon request to the bankers' main offices, 345 Fourth Ave.,Pittsburgh.-Freeman& Co., member of the N. Y. Stock Exchange, at

34 Pine St., this city, have just issued a circular "Safer thanfirst mortgage bonds", describing the merits of equipmenttrust bonds. The firm are specialists in equipment bondsand car trusts. Copy of this circular will be mailed uponapplication.-Edward B. Smith & Co. of N. Y. and Philadelphia

have issued their circular of offerings for April investment.Included in the circular is a brief review of present con-ditions.-C. E. Denison & Co., 4 Post Office Square, Boston, are

offering by circular a selected list of municipal and corpora-tion bonds suitable for savings banks, trustees, guardiansand investors.-Joseph Walker & Sons have issued for distribution an

interesting investment circular describing 25 different issuesof long-term bonds, convertible bonds and short-term notes.-Gude, Winmill & Co., 20 Broad St., have removed their

offices from the 10th floor to larger quarters on the 11th floorof the same building.-Sidney W. Keith will hereafter be associated with

Cramp. Mitchell & Co. of Philadelphia.



cArports and pacltlittlItS.AMERICAN CITIES COMPANY.

SECOND ANNUAL REPORT OF THE PRESIDENT—TWELVE MONTHS ENDED DECEMBER 311912.

Jersey City, N. J., March 4 1913.To the Stockholders:Herewith are submitted statements of the business of your

Company as follows:Statement A. Condensed Balance Sheet as of Dec. 31

1912;Statement B. Income and Expenditures for the twelve

months ended Dec. 31 1912;" Statement C. Combined Income of Constituent Compan-ies American Cities Company twelve months ended Dec. 311912;Statement D. Gross Earnings all Sources Constituent

Companies, 1902 to 1912, inclusive.The income of the Company, as set forth in Statement B,

is derived wholly from dividends declared and paid upon thestocks of the various constituent companies, except a com-paratively small amount received as interest upon loans andcash balances. The constituent companies do not declarein dividends their entire applicable surpluses, and as the un-divided surplus earnings of the constituent companies arenot taken into the income or assets of the American CitiesCompany, Statements A and B do not, set forth full earningsof the properties controlled by the Company, but only suchportion thereof as actually reaches your company throughthe medium of interest on loans and dividends on stocks.. If the proportionate interest of your Company in the un-divided surplus earnings of the constituent companies wereadded to the surplus earnings as shown in Statement B,theresults for the year 1912 would be as follows:Surplus of American Cities Company $93,284 84American Cities Company's proportionate share of undividedsurplus earnings over dividends 456,098 97

Total $549,383 81Equivalent rate on Common stock of American Cities Co. 1912.. 3.4Equivalent rate on Common stock of American Cities Co. 1911.. 2.1

THE CONSTITUENT COMPANIES.The American Cities Company now owns in the aggregate

85.83% of the Preferred and 94.54% of the Common stockof the following companies:

New Orleans Railway & Light Company,Birmingham Railway, Light & Power Company,The Memphis Street Railway Company,Little Rock Railway & Electric Company,Knoxville Railway & Light Company,Houston Lighting & Power Company, 1905.Appended to this report is a brief description of each of

these properties.

RESULTS OF OPERATION IN 1912.

The gross earnings increased at a rate of 4.7%, operatingexpenses and taxes 3.2% and deductions, including interestcharges, 5.3%, leaving an increase in net corporate incomeof 9.1%.The Birmingham Railway, Light & Power Company,

Jan. 1 1912, established a 5c. fare between Birmingham andEnsley in lieu of a 100. fare previously prevailing. March 11912 it reduced its electric light rates in all classes of service.The New Orleans Railway & Light Company Jan. 1 1912reduced its electric light rates in the residential section ofthe city and March 1 1912 in the wholesale section. April 11912 it reduced its gas rates. In addition to the above re-ductions, in the first quarter of 1912 the wholesale powerrates of all the constituent companies operating electric de-partments were reduced. These reductions were neces-sary for the best ultimate development of the business of thedepartments. However, the additional business obtained onaccount of reductions was not sufficient during 1912 to com-pensate for losses sustained. This, however, will be largelyretrieved during the next eighteen months. If rates pre-vailing in the past in the railway, electric and gas departmentshad been continued through the year 1912, not consideringany additional business obtained on account of rate reduc-tions, estimated gross earnings over and above those indi-cated in Statement C, to the extent of approximately $325,-000, would have been realized.The efficiency of operation of_the constituent companies

is, as indicated by operating ratios, as follows:

—Years Ending December 31-1912. 1911. 1910.

All Constituent Companies 51.64 52.23 53.3

The slight changes in the 1911 figures from those reportedlast year are due to changes in accounting.

Maintenance charges have been increased and rates re-duced as previously noted. After including larger mainte-nance, as well as sustaining operating costs at lower grossrates, the operating ratio for all companies, all departments,was 51.64% for 1912, as compared with 52.23% for 1911,a difference of .59%, which, applied to gross revenue for1912 of $13,846,310, is equivalent to a saving in operatingcosts of $81,693 22.

FINANCES.

Your Company has had no occasion to borrow to financeeither its own requirements or to assist the constituent com-panies. In general the floating indebtedness of the constit-uent companies has been nominal, and has consisted prin-cipally of obligations of the constituent companies to theAmerican Cities Company, taken pending sale of securi-ties by the constituent companies.

Respectfully submitted,GEORGE H. DAVIS.

HASKINS & SELLS,Certified Public Accountants.

30 Broad Street.New York,

CHICAGO—Harris Trust Building.ST. LOUIS—Third National Bank Building.CLEVELAND—Williamson Building.PITTSBURGH—Farmers' Bank Building.BALTIMORE—Equitable Building.SAN FRANCISCO—Crocker Building.

LONDON, E. C.30 Coleman Street.

Cable Address "HASKSELLS."

AMERICAN CITIES COMPANY.

CERTIFICATE.We have made an audit of the books and accounts of the

American Cities Company for the period from July 1 1911to Dec. 311912, andWE HEREBY CERTIFY that the accompanying Con-

densed Balance Sheet as at Dec. 31 1912 and Summary ofIncome and Profit and Loss for the six months ended Dec. 311911, and for the year ended Dec. 31 1912, are correceandagree with the books.

(Signed) HASKINS & SELLS,Certified Public Accountants.

New York, March 4 1913.

STATEMENT A.—CONDENSED BALANCE SHEET DEC. 31 1912.

Assets. Liabilities.Cost of Securities Owned $45.778,819 12Cash 477,947 02Bills Receivable 696.861 17Advances for Expenses 90 73Deposits for Interest and Dividends 870,192 50Preferred Capital Stock $20,553,500100Common Capital Stock 16,264,700 00

8-year 5-6% Collateral Trust Gold Bonds 10,000,000100

Matured Interest and Dividends 870,192 50

Profit and Loss (surplus) 135,518 04

$47,823,910 54 $47,823,910 54

STATEMENT B.—INCOME STATEMENT YEAR JAN. 1 TO

DEC. 31 1912.Dividends on Securities Owned $1,832,336 00Interest on Bank Balances 18,446 32Interest on Bills Receivable 30,806 25

Total Receipts ____---_____________________________ $1,881,588 57Operating Expenses and Taxes 55,093 73

Net Earnings ______________________ $1,826,494 84Interest on $10,000--,00-0- 8-year 5--6- % Collateral -Trust GoldBonds ____________________________

500,000 00

Net Income $1,326,494 846% on 20,553,500 Preferred Stock 1,233,210 00

Surplus for period $93,284 84Surplus Jan. 1 1912 42,233 20

Surplus Jan. 1 1913 $135,518:04


APH.E5 1913.1 THE CHRONICLE 1029

STATEMENT C.-INCOME STATEMENT COMBINED CONSTITU-ENT COMPANIES TWELVE MONTHS TO DEC. 31.

-Increase-1912. 1911. Amount. %

Gross Earnings, all Sources $13,878,961 $13,257,549 $621,412 4.7Operating Expenses and Taxes 8,179,079 7,928,675 250,404 3.2Net Earnings 5,699,882 5,328,874 371,008 6.0Interest, Bond Discount, Amor-

tization and Miscellaneous _ 3,168,333 3,007,856 160,477 5.3Amounts applicable to Dividendson Stocks 2,513,549 2,321,018 210,531 9.1Note.-Figures for 1911 differ somewhat from those previously published,

due to changes in accounting.

STATEMENT D.-GROSS EARNINGS OF LOCAL COMPANIES.

Gross Earnings % Inc. % IncreaseAll Sources. Year. over 1902.

19021903190419051906190719081909191019111912

Note.-Flgures for 1911 differ somewhat from those previously published.due to changes in accounting.

$6,597,8077,319,631 10.9 10.98,010,120 9.4 21.48,922,643 11.4 35.210,381,708 16.3 57.311,381,908 9.6 72.511,300.151 .7 71.311,720,661 3.7 77.612,642,269 7.9 91.613,257,549 4.9 100.913.878,961 4.7 110.4

APPENDIX.DESCRIPTION OF THE CONSTITUENT COMPANIES.

NEW ORLEANS RAILWAY & LIGHT COMPANY.

The New Orleans Railway & Light Company operatesand controls the entire street railway business of the City ofNew Orleans, consisting of 200 miles of track; the entire gasbusiness of the city and also the entire electric light andpower business of the city, with the exception of that fur-nished by one smaller electric company.The population served is about 360,000.The franchises are either perpetual or extend for long

periods with the exception of two unimportant ones, whichwill expire in 1917 and 1918. The franchises of the New Or-leans Gas Light Company and of the New Orleans LightingCompany are perpetual, that of the Gas Company isexclusive until 1925, its exclusive feature having been af-firmed by a decision of the Supreme Court of the UnitedStates. The Company has expended over $8,322,000 inthe reconstruction and extension of its property in the past8 years.New Orleans is the largest city in the South, and is ex-

ceeded only by New York and Philadelphia in tonnage ofvessels cleared in foreign trade. Its location makes it natur-ally the southern gateway to the Mississippi Valley, and itsprincipal outlet. There are at least nine railroads , with50,000 miles of track, having terminals in New Orleans,which a public belt railroad along the river front places on thesame basis of entrance to the city. The Southwest Pass tothe Gulf has at present a minimum depth of 30 feet and willhave upon completion a depth of 35 feet. There are almostunlimited deep-water docking facilities, consisting of milesof wharves equipped with modern storage sheds and freight-handling apparatus. In recognition of these commercialadvantages, there are at present about 35 steamship linesengaged in coast and transatlantic trade that terminate inNew Orleans.The largest sugar refinery in the world and immense grain

elevators are located in New Orleans. It is one of the largestmarkets for cotton, sugar, coffee, rice and bananas in theUnited States, and its lumber market is the largest in theSouth.

BIRMINGHAM RAILWAY, LIGHT & POWER COMPANY.

The Birmingham Railway, Light & Power Company ownsand operates the entire street railway, gas, electric light andpower and steam heat business of all the municipalities re-cently incorporated into the City of Birmingham, except aninterurban railway at present operating between Ensley andBirmingham and the municipal lighting in North Birming-ham, and serves the adjoining municipalities of Brighton,Bessemer, Jonesboro and Boyles. The population of theterritory served, according to estimates, is 160,000.The natural resources of the Birmingham district are

phenomenal. Nowhere else in the world are coal, iron oreand limestone, the three essential elements which enter intothe production of iron, found in such close proximity or insuch extensive quantities or can pig iron be manufacturedso cheaply.

All of the company's franchises are unlimited in time ex-cept those covering the operation of comparatively small andunimportant portions of trackage.The company has expended over $7,102,000 in the recon-

struction and extension of its property within the past 8years. Its physical condition is excellent and the capacity

of the property is sufficiently great to handle a large increasein business.

THE MEMPHIS STREET RAILWAY COMPANY.

The Memphis Street Railway Compan owns and operatesthe entire street railway system in the City of Memphis,Tenn., the population of which, with the suburban sectionsserved, is at present about 160,000.Memphis is the largest city in Tennessee, the county seat

of Shelby County, and is located at the head of navigationthroughout the year on the Mississippi River. It is one ofthe most important railroad centres in the Southern States,having eleven trunk line railroads radiating in all directions.It is the largest imland primary cotton market in the world,handling about one million bales of cotton per annum, andit is the largest hardwood lumber market in the world, andone of the most important jobbing centres in the country.The Memphis Street Railway Company operates under

franchises extending to November 1945, confirmed in all oftheir terms by a recent decision ot.the Supreme Court ofTennessee. The company has expended within the past 8years over $4,885,000, thereby putting its property into ex-cellent physical condition and providing sufficient capacityto care for a large increase in business.

LITTLE ROCK RAILWAY & ELECTRIC COMPANY.

The Little Rock Railway & Electric Company owns andoperates all the street railway, electric light and power busi-ness in the City of Little Rock, Ark., and the electric light-ing in a portion of Argenta and Pulaski Heights, Ark. Thepopulation of these cities and suburbs is estimated as 65,000.

Little Rock is the capital of Arkansas,!the county seat ofPulaski County, the largest city and the commercial, finan-cial and railroad centre of the State. It is situated on theArkansas River, which is navigable to this point all the year.It is the fourth greatest interior cotton market in the UnitedStates, and one of the most important jobbing centres ofthe Southwest.The company operates its lighting department under

franchises which are unlimited in time, and the railway de-partment under franchises which extend to Sept. 28 1951.It has expended more than $1,484,000 upon its propertywithin the past eight years. The plant and equipment areconsequently in the best of condition and adequate to handlea large increase in business.

KNOXVILLE RAILWAY & LIGHT COMPANY.

The Knoxville Railway & Light Company owns and oper-ates all the street railway and electric light and power busi;ness in Knoxville, and serves in addition the outlying incor-porated cities of Park City, Lonsdale and Mountain View,and the suburb's known as Fountain City, Oakwood, Lin-coln Park and South Knoxville. The population of thisterritory is about 75,000.

Knoxville is the centre of a population of about 300,000within a radius of fifty miles. It is the financial and bank-ing centre of a very large part of the Southern Appalachianregion, the resources of which are now rapidly developing.It is the commercial centre of a very extensive area coveredwith hardwood and containing great deposits of coal and ironore. It is an important manufacturing and jobbing centre,situated on the Tennessee River, which is navigable duringa considerable portion of the year to a point above Knoxville.

All franchises are unlimited in time, except those cover-ing the operation of one and one-half miles of street railwaytracks on two unimportant streets, which expire Nov. 281946.The company has expended for reconstruction and exten-

sion within the past eight years over $2,345,000. In conse-quence, the physical condition of the property is the bestthat can be had and its capacity is sufficient to take care ofthe growth of business which is assured in the immediatefuture.

HOUSTON LIGHTING & POWER COMPANY 1905.

The Houston Lighting & Power Company 1905 owns andoperates the entire municipal and commercial electric light-ing and power business in the City of Houston, Tex.

Houston is the largest city of Texas, having a population,including suburbs, and near-by points served, of 100,000.The city limits embrace sixteen square miles. It is thecounty seat of Harris County and is the gTeatest railroad cen-tre of the State, having fifteen lines of railroad with the finestterminals south of St. Louis.The ship channel, now undergoing improvement by the

United States Government, gives direct connection with thesea. Houston handles more cOtton than any other city inthe world, and is one of the greatest lumber markets of theSouth. It is the centre of the oil-producing district of Texas,and it does the greatest jobbing and manufacturing businessof any city in Texas.The company operates under perpetual franchises. It has

expended more than $1,022,000 on its system within the pasteight years, placing the property in excellent physical con-dition, and of sufficient capacity to handle a largely increasedbusiness.



The Touxutercial Times.COMMERCJAL EPITOME.

Friday Night, April 4, 1913.Trade is good, but .tempered by uncertainty regarding

tariff changes and a disposition to keep within conservativebounds in the matter of future engagements. Retail tradeis larger. Prospects for the winter-wheat crop are excellent.Railroad traffic has been impeded by recent floods. Yet

44 the damage turns out to have been exaggerated. The foreigntrade situation is gratifying. Though easier here, moneyis still high in many parts of the country. Collections asa rule are only fair. Stocks of merchandise at New York;

Apr. 1 '13. Mar. 1 '13.Apt. 1 '12.

Coffee, Brazil bags 1,910,061 1,849.579 1,760,234Coffee, Java mats 18,208 21,765 42,400Coffee, other bags 225,678 221,531 246,151Sugar tons 4.440 2,164 *68,460Hides No. 3,883 Nil. 2,135Cotton bales 127,996 117,286 137,551Manila hemp bales 10,999 11,744 3,425Sisal hemp bales 4,948 7,322 620Flour bbls. 75,700 87,100 44,800

* Bags.

LARD has been steady; prime Western $11 60; refinedContinent $11 90; South America $12 40; Brazil in kegs$13 40. Lard futures have latterly been somewhat easier,owing to the increasing receipts of hogs. Some of the pack-ing interests have been selling May lard and buying Septem-ber. The cash trade is expected to increase at the Westwhen the floods subside. To-day prices were easier on longliquidation and lower prices for hogs.DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.

Sat. Mon. Tues. Wed. Thurs. Fri.May delivery cts_11.073. 11.15 Holt- 11.12% 11.05 10.97%July delivery 10.92% 10.95 day. 10.97% 10.92% 10.92%September delivery_ _10.85 10.90 10.90 10.874 10.87%PORK steady; mess $22(022 50; clear $21@$22 50;

family $22 50(024 50. Beef steady; mess $19@$20; packet$21(022; family $22@$24; extra India mess $35@$36.Cut meats strong; pickled hams, 10 to 20 lbs., 13 Xi @147443.;bellies, clear, f.o.b. New York, 6 to 12 lbs., 15 ©15 Ysc.Butter, creamery extras, 343'@35e. Chesee, State wholemilk colored specials, 17 @l7 V4c. Eggs, fresh gatheredextras, 19 M @200.OILS.-Linseed has continued in fair demand and steady.

City, raw American seed, 47 @48c .; boiled, 48@49c.; Cal-cutta, 65e. Cottonseed oil stronger; winter, 6.75c.; summerwhite, 6.75c. Cocoanut oil in good demand and steady;Cochin, 11@,11.3440.•

' Ceylon, 10©103c. Chinawood in

good demand at 7M og8c. Corn firmer at [email protected] lower at [email protected] has been quiet and latterly rather weaker;

No. 7 Rio 1174 @,12e. Mild grades have continued quiet,fair to good Cucuta 133/2@14c. Coffee futures have de-clined at home and abroad. Sao Paulo receipts have beenliberal. Large interests are said to have been switchingfrom May to later months. Support has been given by lead-ing bulls, but it has not been very aggressive. The visiblesupply decreased during March about as much as expected,i. e., 340,118 bags. The total world's stocks are now 11,-664,077 bags, against 12,240 ,215 a year ago. Of the abovesome 3,100,000 bags are held off the market by the new val-orization plan. The general sentiment is bearish in expec-tation of large supplies and no very anxious demand. To-dayprices were lower.Naaryi 1

June July

[email protected] 11.44 11.45

11.54 11.5511.64©11.65

August _ _ _11.74September 11.83October_ _ _11.83November 11.83

11.7511.8411.8411.84

December_11.83January _ _11.83February _11.83March - - -11.83

11.8411.8411.8411.84

SUGAR.-Raw, lower; Centrifugal, 96-degrees test, 3.450.;muscovado, 89-degrees test, 3.05c.; molasses, 89-degreestest, 2.70c. Refined continues dull and unchanged; granu-ulated, 4.30c.PETROLEUM steady; barrels, 8.506j9.500.; bulk, 4.80@-

5.80c.; and cases [email protected]. Naptha steady; 73 to 76degrees, in 100 gallon drums 253'c.; drums $8.50 extra.Gasoline, 86 degrees 293/20.; 74 to 76 degrees, 2530.; 68 to70 degrees 223'c. and stove 21c. Spirits of turpentine45 (:)45 Mc. Common to good strained rosin $5.50.TOBACCO.-Prices have been steady both for binder and

leaf. It is feared that the recent floods may have doneconsiderable harm. Large tobacco warehouses are stationedat and near Dayton, Ohio. The loss in Ohio seems likelyto be large; much tobacco is raised in the flooded sections.Still the actual damage is not as yet definitely known.General trade is quiet. New Sumatra is quiet but firm.The quality is excellent.COPPER has been stronger, with a better demand at home

and abroad; higher London quotations have been a noticeablefactor in the rise. Of late the demand has slackened some-what; Lake 1534@153/o.; electrolytic 15%@15 Yo. Tinhas been firmer at 480. here on the spot; latterly, however,offerings have increased. Lead 4.35c.; spelter 5.85c.falling both here and in St. Louis. Pig iron has been steadyas recent floods have reduced the output. In the CentralWest trade has been at a standstill. Steel has been in activedemand. Much sooner than expected, work has been re-sumed at the flooded iron and steel plants in West Virginia,Pennsylvania and Ohio.

COTTON.Friday Night, April 4 1913.

THE MOVEMENT OF THE CROP, as indicated by ourtelegrams from the South to-night, is given below. For theweek ending this evening the total receipts have reached110,473 bales, against 86,051 bales last week and 79,805bales the previous week, making the total receipts sinceSept. 1 1912, 8,705,220 bales, against 10,700,614 bales for thesame period of 1911-12, showing a decrease since Sept. 1 1912of 1,995,394 bales.

Receipts at- Sat. Man. Tues. Wed. Thurs. Fri. Total.

Galveston -----6,192Texas City Port Arthur_ Aransas Pass, -ateNew Orleans_ _ _Gulfport Mobile Pensacola Jacksonville, &c.Savannah Brunswick Charleston

Wilmington Norfolk Newpt News, &c.New York Boston Baltimore __.Philadelphia

'Tntala thia wfulk.

___1,894

224____

• 231,253--

oii

281708-- --

8____

2,335298___384

6,805

2016,511

1,686-551520880

3,348

5441

8,320884__--_--1,806

---- ---- ---- ---- 6,511

2F,t-W5-155206

1---------------3,348----

59---_

5,8932

---_--3,477

' ---

1-,5i5-514639(

96----

6,478426_---

__3-i11

--_

2F,555-;i68400

___

11----

5,011806

15,1352,1461,710

- ___

2r,iiii3.100376

583 14)

111140

34,2292,41615,1382,83018,803

fkii23

12,0853,1001,937

24255,180

290881

ln.an 24.000 15.872 12 747 14 414 :12 ARA lln .47.1

The following shows the week s total reeeipts, the totalsince Sept. 1 1912, and the stocks to-night, compared withlast year:

Receipts toApril 4.

1912.13. 1911-12. Stock.

This'Since SepWeek. 1 1 1912.

ThisWeek.

Since Sep1 1911. 1913. $ 1912.

Galveston Texas City Port Arthur

34,2292.41615,135

3,580,983658,765123,980

40,8282,75017,286

3,308,030578,575

241,780(

204,48718,497

1

252,0793,842

Aransas Pass, &c 2,530 121,195 1 851 New Orleans.. _ _ _ 18,803 1,237,038 3,419 1,600,134 106,26 153,529Gulfport 62,134 17,600Mobile 1,676 183,148 5,531 357,446 16.79 28,743Pensacola 6,511 113,782 5,073 193,217 Jacksonville, &c_ 23 14,189 48.955 1,500 Savannah 12,085 1,145,290 29:5'78 2,233,444 87,221 146,241Brunswick 3,100 221,375 4,000 389.570 4,961 10,462Charleston 1,937 287,609 4,871 401,929 33.053 31,393Georgetown 110 100 919 Wilmington 2,629 325,218 6,528 521.987 20,807 8,525Norfolk 5.180 473,614 14.992 668,633 50,933 50,418N'port News, Scc.. 3,348 97,690 2,410 28,814 New York 13,431 102 5,319 126,7171 162,020Boston 290 42,069 1.930 50,513 9,6751 8,903Baltimore 581 63,273 2,194 108,310 7.9171 5,248Philadelphia 2,461 64 901 2,027j 3,002

Total 110,473 8,705,220!161,483 10700614 691,206 882,005

In order that comparison may be made with other years,we give below the totals at leading ports for six seasons:

Receipts at- 1913. 1912. 1911. I 1910. 1909. 1908.Galveston ___ 34,229 40,828 15,523 23,365 34,105 43,225Texas City,&c 20,081 10,036 11,065 300 New Orleans.. 18.803 23,419 9,881 23,040

,18,967 27,690Mobile 1,676 5,531 697 3,102 4,522 4,635

Savannah 12,085 29,375 4,041 7,789 16,053 13,847Brunswick_ _ _ 3,100 4,000 744 1,080 Charleston,&c 1,937 4,971 1,262 897 1.398 456Wilmington__ 2,i,29 6,528 598 2,934 3,640 947Norfolk 6,180 14,992 3,344 6,445 6,407 2,872N'port N.,&e. 3.348 2,410 208 97All others_ -- - 7,405 9,363 1,773 1,920 1,374 6,021

Total this wk. 110,473 151,453 37,853 81,845 86,666 99,600Ofelnamillnnf 1 0 7AK 0011 iwynnalA 7 Roll AAA R.401 _21R R688.4:107.49R 915i

The exports for the week ending this evening reach a totalof 124,032 bales, of which 35,385 were to Great Britain,6,534 to France and 82,113 to the rest of the Continent.Below are the exports for the week and since Sept. 1 1912:

Exportsfrom-

Week ending April 4 1913.Exported to-

From Sept. 111912 to April 4 1913.Exported to-

Great 1Brimin.iFrance.

Conti-nent. Total.

GreatBritain. France.

COSti-sent. Total.

Galveston__Texas City_

25,016100

6,480 21,012550

62,5081,213.341650 390,462

377,120146,793

1,255,70182,336

2,846,162619,591

Pt. Arthur_ 15,135 15,135 31,445 24,892 67,643 123,980Ar .Pass . 12,921 16,048 8,606 37.575New Orl's__ 3,575 54 14.786 18,415 608,256 131,436 340,826 1,080,518Mobile 47,172 25,562 32,311 105,045Pensacola 8,511 6,511 22,258 34,791 56,733 113,782Savannah 12,085 12,065 118,724 62,869 530,761 712,364Brunswick Charleston..

1,701 1,071 105.419 60,292 5,000

90,768132,559

196,187197,851Wilm'ton 93,466 59,673 138,985 292.124

Norfolk 14,996 500 53,453 68,949N'p't News 291 291New York_ 4,094 2,273 6,367 191,889 41,095' 120,127 353,109Boston _ _ _ _ 2,600 2,600 130,038 8,246 144,284Baltimore 3,994 1,85S 28,310 34,154

- - - - ------------ 100 100 34,261 7,050 41,311P'tiand, Me, 507 507San Fran 5,464 5,464 177,899 177,899Pt. T'nsend 2,516 2,516 78,193 79,193

s Total__ _ _ 35,385 6,534 82,113124,0323,085,732 927,6273,211,5077,224,866

Tot. '11-'l2106.882 5,556126,094238,5323,820,552 1,047,5704,837.5799,205,701

Note.-N. Y. exports since Sept. 1 include 19,350 bales Peru, dm., to Liverpoce

In addition to above exports, our telegrams to-night alsogive us the following amounts of cotton on shipboard, notcleared, at the ports named. We add similar figures forNew York.


APR. 5 1913 I THE CHRONICLE 1031

April 4 at-

On Shipboard, Not Cleared for-

LeavingStock.

GreatBritain. France.

Ger-many.

OtherForeign

Coast-wise. Total.

Now Orleans__ 6,687 1,052 2,255 7,263 482 17,739 88,526Galveston ____ 19,960 3,305 37,920 14,142 1,735 77,062 127,425Savannah ____ ____ ____ 3,800 -_-_ 4,00 4,200 83,021Charleston __- ---- ---- ---- ---- ---- ---- 33,053Mobile .4,543 ____ 8,261 ____ 500 13,304 3,491Norfolk 18,000 18,000 32,933New York.. 100 400 700 1,800 ____ 3,000 123,717Other ports 4,000 -___ 9,000 500 ___- 13,500 52,235Total 1913 35,290 4,757 61,936 23,705 21,117 146,805 544,501Total 1912.._ 90,237 24,046 39,600 24,410 22,828 101,121 680,884Total 1911 10,608 2.244 29.514 24.942 DA2fl 7R 02s 429 :IRA

Speculation in cotton for future delivery has been on a veryrestricted scale, but events have taken such shape that anadvance of fair proportions has occurred. This was duelargely to the recent wet weather and fears of floods in theMississippi River. Also the firmness of the March deliverycounted for a time. It reached a premium of 61 points overMay. Some signs of an increasing premium on May overJuly also helped the rise. This suggested the possibilityof a deal in May similar in character to that in March.and January. The trend of events in the Balkans, more-over, has seemed to point to an early peace. Spot mar-kets have been firm. At times there have been indica-tions of a somewhat better demand for the actual cottonin the Atlantic States. Exports have increased some-what. Spot interests have been buying July and sellingMay. Some of the Wall Street shorts neglected to covertheir March engagements until almost the last moment.Indeed, the month went out at a premium of 60 points. TheMay premium over July a short time ago was only 6 points.Indeed, considerable traddle business was done between Mayand July at a difference of only about two points a whileback. On Wednesday of the present week May moved upto a premium over July of 15 points. Crop preparations inparts of the Atlantic States have been retarded by the recentheavy rain. Engineers predicted that the stage of the Mis-sissippi River at Memphis would exceed the maximum in1912, which was 45.3 feet. A maximum of 45 to 46 feet hasbeen predicted this spring. The danger point is 35 feet.Liverpool and Wall Street and the South at times havebought quite freely, partly, however, to covershorts. Room traders bought on quite a liberalscale. On the other hand, doubts are expressed in somequarters whether the Mississippi will rise as high as it didin 1912. It is pointed out that the river during the winterwas at an unusually low stage, and also that its tributaries,the Red, Tennessee and Arkansas rivers, were also said to beunusually low. The inference from this is that the lowerMississippi could receive even a large quantity of water fromthe North without necessarily reaching a dangerously highstage. Also, it is pointed out that even big floods in theMississippi, such as occurred last year, have not preventedthe raising of large crops. Of late there has been a good dealof selling of May contracts. They lost the 15-point premium.Also, the Balkan situation has been complicated to some ex-tent by fear of trouble with Montenegro. French Renteshave fallen. Military preparations by Germany haveevoked comment. The present high prices for cotton fore-shadow a big acreage. Spot markets have latterly beenquiet. Spinners ,with tariff revision facing them, and moneymore or less stringent, seem inclined to stick to the policy ofbuying on only a very moderate scale. Latterly Liverpool,New Orleans, Memphis, Wall Street and Waldorf-Astoriainterests have sold. To-day prices were irregular, endingwithout much net change for the day. The Mississippi atMemphis rose 1.5 feet and reached the stage of 40.9 feet.Week-end statistics were considered rather bullish. Spotcotton closed at 12.60e. for middling uplands, showing a de-cline for the week of 10 points.The official quotation for middling upland cotton in the

New York market each day for the past week has been:March 29 to April 4- Sat. Mon. Tues. Wed. Thurs. Fri.iddling uplands 12.90 12.60 12.60 12.60 12.60 12.60

NEW YORK QUOTATION FOR 32 YEARS.The quotations for middling upland at New York on

April 4 for each of the past 32 years have been as follows:1913_c 12.60 1905_c 8.15 1897_c 7.3811889_c 10.251912 11.00 1904 15.45 1896 7.88 1888 9.881911 14.50 1903 10.25 1895 6.38 1887 10.621910 14.80 1902 9.19 1894 7.75 1886 9.191909 10.00 1901 8.44 1893 8.44 1885 11.191908 10.50 1900 9.69 1892 6.69 1884 11.561907 11.00 1899 6.19 1891 9.00 1883 10.001906 11.65 1898 6.19 1890 11.44 1882 12.05

MARKET AND SALES AT NEW YORK.The total sales of cotton on the spot each day during the

week at New York are indicated in the following statement.For the convenience of the reader we also add columns whichshow at a glance how the market for spot and futures closedon same days.

Spot MarketClosed.

FuturesMarketClosed. Spot.

SALES.

Contr'ct Total.

Saturday..__Monday ___Tuesday ___WednesdayThursday __Friday __

Wet 20 pts. advQuiet 30 pts. dec _Quiet

Steady Quiet Quiet

Steady Barely steady-Steady Steady Steady Steady

295100

(0664,500

6,2004,795100

FUTURES.-The highest, lowest and closing prices atNew York the past week have been as follows:

:',,, ,%. ly p v t4 ..,„e0o .' ''' ' " -eo- 1-.)- .,- ..... ,,,,owr.o.,,-(10wtcc n n 4 14

R6 41°'''PlIF6EME6P1- ''' -(1w^ro 5 ir 14 1 P.m 4.crii .24, a t I g fg I {93 ri TRm0 m0 0 0 mc) Pip Ft 5171 r 1%1(no, 0011 = = 11 .. .. .1. ............ w.... r.21 ti72T.; 81 88a.E. 4:,,m io66 bio ;::

.,,... .....

Tm '10 tg TE TS TS re il 1(0 1= ". .. . .. . .ts

ii_tt tk ** gi ',=1 . 1 1.4'.'.._ _ _--in . To. tlt '0'000,,ocea,.

-- -- -._is is i",... ,...... ,..... ,_,,,,I I 001 OW WO CO

CM 000 0.11.

I I

Is

.4.

.4.

0.01

01

fg

PI

f°01

wkbb

T"

0-000

00

10to

tzi

18'

I@to

101

ton

WW

TiWW

WW

WW

too;-;.-

W

:17:1

81

10to

kt.2kb

PP0110tobo."tots

kts

TStots".

40)

PP;

I 1 1.. 1.. I.. I.. .4. .1.11 .. .. - .. 81 88' 88 II

l-4.. i4W,-..-. ,-..-.

*Ii7.1; r bEr ;DOD

I0 I@ 10 I@ S TS TS fi I@ TZ TS 10= -- ." "" ". ." . .. ..

;-.E.3 4..C.1II tIno tt ii igt tt ist ;s'il i'li .. 0. I 1 .- .. I 1 --.. -.. .... .... -.. -.. --.. I 1.. ..

I0 fl Enk in6 tt iob i=b i;;%; ;-.O aak

i T(g) Is Tti 10 TS IS 10 TS TS 10"" - -- -'t tots .. . .. .

I Ti II 'Algi: iI .I1 gg g gg g 7i, Oil 0)00;...... ;ti i 1

II I.:.. 1;1. II I,-: 1,-.: 1,--. 1 ... ii:,. 18 18 188 8 ' 8 8 it' 2 8 .4`2 :1-0: 400

10 1! 12 10 12 i2 12 12 i2 12 12 12..... - - .... . to . ..., .

4

-• ,

"4.

It II

I'0 Wt ft i -y!iti 2

THE VISIBLE SUPPLY OF COTTON to-night, as madeup by cable and telegraph, is as follows. Foreign stocks,as well as the afloat, are this week's returns, and conse-quently all foreign figures are brought down to Thursdayevening. But to make the total the complete figures forto-night (Friday), we add the item of exports from theUnited States, including in it the exports of Friday only.

April 4- ' 1913. 1912. 1911.Stock at Liverpool bales.1,281,000 1,274,000 1,139,000Stock at London 6,000 3,000 6,000Stock at Manchester 86,000 95,000 107,000

1910.774,000

5,00056,000

Total Great Britain stock 1,373,000 1,372,000 1,252,000 835,000Stock at Hamburg 14,000 7,000 7,000 7,000Stock at Bremen 498,000 660,000 280,000 303,000Stock at Havre 381,000 354,000 325,000 345,000Stock at Marseilles 2,000 4.000 2,000 3,000Stock at Barcelona 33,000 24,000 22,000 8,000Stock at Genoa 24,000 57,000 54,000 23,000Stock at Trieste 28,000 5,000 9,000 5,000

Total Continental stocks 980,000 1,111,000 699,000 694.000

Total European stocks 2,353,000India cotton afloat for Europe 72.000Amer. cotton afloat for Europe 263,659Egypt,Brazil,&c.,aflt.for Europe.. 37.000Stock in Alexandria, Egypt 232,000Stock in Bombay, India 889,000Stock in U. S. ports 691,206Stock in U. S. interior towns 568.341U. S. exports to-day 20,721

2,483.00099.000

687,68852.000

236,000660,000882,005402,37919,089

1,951,000237,000233,33449,000203.000570,000506,263457,59612.217

1,529,000215,000341.43018,000

134,000753,000525,693463,70918,689

Total visible supply 5,126,927 5,521,161 4,119,410 3,971.521Of the above, totals of American and other descriptions are as follows*American-

Liverpool stock bales.1,099,000 1.159,000 1.019,000 705,000Manchester stock 59.000 58,000 87,000 43.000Continental stock 952,000 1,084,000 652.000 653,000American afloat for Europe 263,659 687,688 233,334 314,430U. S. port stocks 691,206 882.00'; 506,263 525,693U.S. interior stocks 568.341 402-.379 57,596 463,709U. S. exports to-day 20,721 19,089 12,217 48,689

Total American 3,650,927 4,292,161 2,967.410 2,723,521East Indian, Brazil, &c.-

Liverpool stock 182,000 115,000 120,000 69,000London stock 6,000 3,000 6,000 5,000Manchester stock 30,000 37,000 20,000 13,000Continental stock 28,000 27,000 47,000 41.000India afloat for Europe 72,000 99,000 237.000 215,000Egypt Brazil, &c., afloat 37,000 52,000 49,000 18.000

iStock n Alexandria, Egypt 232,000 236,000 203,000 134,000Stock in Bombay. India 889.000 660,000 570.000 753,000

Total East India, &c 1.476.000 1.229.000 1.152,000 1,248.000Total American 3,650,927 4,292,161 2,977,410 2.723,521

Total visible supply 5,12',927Middling Upland, Liverpool 6.96d.Middling Upland, New York 12.60c.Egypt, Good Brown, Liverpool 10.55d.Peruvian, Rough Good, Liverpool 9.90d.Broach, Fine, Liverpool 64d.Tinnevelly, Good, Liverpool 6 %d.

5,521,1616.17d.11.00c.

9 13-16d.9.10d.

5 13-16d.5%d.

4,119,4107.83d.14.60c.10%d.11.25d.7 7-16d.7 5-16d.

3,971,5217.92d.15.25c.

16 9-16d.11.00d.7 9-16d.7%d.

Continental imports for the past week have been 75,000bales.The above figures for 1913 show a decrease from last

week of 198,785 bales, a loss of 394,234 bales from 1912, anexcess of 1,007,517 bales over 1911 and a gain of 1,155,406

11.095 bales over 1910.Total - - 395 10,7(10



ft

AT THE INTERIOR TOWNS the movement-thatis, the receipts for the week and since Sept. 1, the shipmentsfor the week and the stocks to-night, and the same itemsfor the corresponding period for the previous year-is setout in detail below.

c‘i

Movement to April 4 1913.

1;3.2.grtiRik.124.gg§4V15'.?62882=8;44 t°2mci,d7c4c4c4.icOg dricigm4; eduiN

't

.. N . r. W 0 .t.

gigrar2g2F0=Sagn88Mig°,2.3222irgeig003.00.0NMh.t.OW.MhMN.V.WON00 t.. 0.... ..... . ... . . . .N.NN MM0.0 CO ..N V. . V

N'.6LOOVTTNNN0.t.t.N.M00MW4WWONONMNOWTMOMMt.O.G,4Nt..C.000000N00MN0NM40NWCON[..c""4.4V10100.00.M.0.0M0.C.V.C..N.Vt.00M01,-1.4t.M

446.I.:NNO6C.VW0,4.14t.Ot.0.0.00C.00V0C0VN00,41COM[..W.WWWOMM.1,000.MNONN .C. .0000w.. N .N0 . 0 Cl M

24LWMWEA§g22 MEER TAW-,I Co

• .1.14

1-4/-1

PGIV388000Talt;:48078C,' V:83OOO08g8g30302;101:54%gTigictig

C6.1.0.6C4.1,VMeMNWC.Net.W.:.N,Pg n cqg 0

cnet

.F)1AC

1.4

'ciA21"=8:41==.4144.'OgriNCl '4a; oi co

gi CV1 8 ,S1 5 -310,4 ger.00.

FoROMEEKOZWEIgE145g3R0Erleci.3.-...icocqvioiefiincnotiiot:r-oi0000cq4o,incSaScA4-cor:v4ctiNV.Vt.N04.C.M14MN.P00.NNOM OM.0 rm.:m.1400,v

..M r-I

C•1

STIV0a&REEFAIREE40.12g co .1.1

C4

8; 0t43:1,4 CI

1 '44 °Or Fdi AA CDa0 _

Atlig2gW§Slitgegni8n4410ilqiiqovt.ofit-i 0-8 do,rci ,..0.34 .73.5P o 0ftarnIZ.4-4-4OP4mooc.4cgozoXME:ialW1:0a

* Last year's figures are for Louisville, Hy.OVERLAND MOVEMENT FOR THE WEEK AND

SINCE SEPT. 1.-We give below a statement showing theoverland movement for the week and since Sept. 1, as madeup from telegraphic reports Friday night. The results forthe week and since Sept. 1 in the last two years are as follows:

-1912-13---April 4- Since

Shipped- Week. Sept. 1.Via St. Louis 9,283 467,580Via Cairo 3,109 218,252Via Rock Island 1,157 19,705Via Louisville 778 68,886Via Cincinnati 1,336 118,251Via Virginia points 1,437 112,947Via other routes, &c 5,965 300,107

-1911-12-----Since

Week. Sept. 112.151 539,643a3,975 a221,165

175 5,7624,973 135,3073,416 108,2951,189 172,46929,013 387,892

Total gross overland 23,065 1,305,728 54,892 1,570,533Deduct Shipments-Overland to N. Y., Boston, &c_ _ _ 871 121,234Between Interior towns 9,694 101,487Inland, &c., from South 4,451 76,586

4,290 165,04311,692 82,0479,040 39,967

Total to be deducted 15,016 299,307 25,022 287,057

Leaving total net overland* 8,049 1,006,421 29,870 1,283,476

* Including movement by rail to Canada.The foregoing shows the week's net overland movement

has been 8,049 bales, against 29,870 bales for the week lastyear, and that for the season to date the aggregate net over-land exhibits a decrease from a year ago of 277,055 bales.

-1912-13- -1911 12In Sight and Spinners' Since Since

Takings. Week. Sept. 1. Week. Sept. 1.Receipts at ports to Apr. 4 110,473 8,705,220 151,453 10,700,614Net overland to Apr. 4 8,049 1,006,421 29,870 1,283,476South'n consumption to Apr. 4 58,000 1,734,000 56,000 1,564,000

Total marketed 176,522 11,445,641 237,323 13,548,090Interior stocks in excess *34,336 471,305 *41.538 301,942Came into sight during Week_ __142,186 195.785Total in sight Apr. 4 1f :-- 916, f) 13,850,032

North'n spinners' takings to Apr.4 34,229 2,127,340 55,613 2,103,997* Decrease dully, week.Movement _at° sight in previous years.1Vetk- Bales. Since Sept. 1- Bales.

1911-Apr. 7 74,665 1910-11-Apr. 7 10,682,6631910-Apr. 8 104,473 1909-10-Apr. 8 9,210,1881909-Apr. 9 124,630 1908-09-Apr. 9 11,868,177QUOTATIONS FOR MIDDLING COTTON AT

OTHER MARKETS.-Below are the closing .quotationsof middling cotton at Southern and other principal cottonmarkets for each day of the week.

Week endingApril 4.

Closing Quotations for Middling Cotton on-

Sat' day. Monday. Tuesday. Wed'day. Thursd'y.

Galveston New Orleans_ Mobile Savannah Charest onWilmington Norfolk Baltimore Philadelphia _ _Augusta Memphis St. Louis Houston Little Rock_

12%12%12%12%12 5-1612%12 7-16125i13.1512%12%12%12 11-1612%

12%1212121212121212.85125121212 1612%

12 11-1612 9-1612%12%12%12%12125412.8512%12%12%12%12%

12 11-1612 11-161212512%12%12%125.4,12.8512%12%121212

12 11-1612 9-1612%12%12%12512 812%12.8512%12%12%12%12%

Friday.

12 11-1612 9-1612%12%12%12%123-123412.8512 9-1612%12125.12%

NEW ORLEANS OPTION MARKET.

Sarday,Mar. 29.

Monday,Mar. 31.

Tuesday,April 1.

Wed'day.Apri12.

Thursd'y.April 3.

Fridgy,April 4.

April-Range Closing

May-Range Closing

July--Closing

August-flange Closing

October-October-Range

December-Range losg

Tone-Spot Ontinn a

12.40-..7012.30-.4312.40 -

12.21-.3312.30-.31

12.08-.1011.58-.69

11.64-.65 11.58-.70

11.65-.66Quiet.gtonriv

12.32-.3512.29-.3712.32-.3312.20-.2712.22-.2312.00 -12.01-.0211.53-.5811.53-.5411.55-.5911.55-.56Quiet.

44ton/iv

12.51-.5312.35-.5512.51-.5212.25-.4012.36-.3712.06-.1612.15-.1711.55-.6611.61-.6211.57-.6811.64-.65Steady.!Zit/An/Iv

12.49 -12.49-.6212.51-.5212.35-.4712.37-.38- 12.2212.16-.1711.58-.6611.58-.5911.62-.6811.63-.64Steady.!atone-1v

N.3 -.4312.46-.5912.46-.4712.33-.4412.36-.3712.15-.2212.12-.1411.55-.6411.58-.5911.58-.6711.60-.61Quiet.nolo.

12.3 -.4112.43-.5312.45-.4612.33-.4312.36-.3712.12-.1912.14-.1611.56-.6311.58-.6011.-60.6511.62-.63Steady.Qtoorlv

DOMESTIC EXPORTS OF COTTON MANUFAC-TURES.-We give below a statement showing the exportsof domestic cotton manufactures for February and for theeight months ended Feb. 28 1913, and, for purposes of com-parison, like figures for the corresponding periods of the pre-vious year are also presented:

Manufactures ofof

Cotton Exported.

Mo. end. Feb. 28 8 Mos. end. Feb. 281913. I 1912. 1912-13. 1911-12.

Piece goods yardsPiece goods valueClothing, &c., knit g'ds val.Clothing,&c.,all other val.Waste cotton, Scc_ __ _valueYarn valueAll other valueTotal manufac's of_value

39.857,851$2,800.498

201,349792,525317,02257,184594,164

$4,762,742

51,839,551$3,290,795

153,094653,833261,69436.726

563,722

283.024,893$19,484.414

1,766,4425,163.9983,175,027432,827

4,283,701$4,959,864 $34,306,412

30/.939,826$20,264,591

1,219,5454.148,8822,009,791384,951

3,993,1 1$32,020,941

COTTON CONSUMPTION AND OVERLAND MOVE-MENT TO APRIL 1.-Below we present a synopsis of thecrop movement for the month of March and the sevenmonths ended March 31 for three years:

1912-13. 1911-12. 1910-11.Gross overland for March bales_Gross overland for 7 months Net overland for March Net overland for 7 months Port receipts in March Port receipts in 7 months Exports in March Exports in 7 months Port stocks on March 31Northern spinners' takings to April 1___ _Southern consumption to April 1 Overland to Canada for 7 months (in-cluded in net overland)

Burnt North and South in 7 months_ _ _ _Stock at North. interior markets April 1_ Camein sight during March Amount of crop in sight April 1 Came in sight balance of season Total crop Average gross weight of bales Average net weight of bales

98,7431,297,892

65,0221,002,459450,548

8,629,519371,914

7,138,158716,900

2,106,4921,696,000

251,0871,536,654192,621

1,256,343802,084

10.582,4581,114,8229,037,7889 i7 ,322

2,048,7271,516,000

102,419 112,092143 125

24,170 10,581651,229 1,068,705

11,824,978 13,692,801 2,350,515 16,043,316517.55 514.72

101,4101,140,745

70,816905,799279,822

7,853,522419,521

6,613,294530,806

1,791,0671,417,000126,479

2220,258

458,28510,607,9981,524,334

12,132,332510.52

WEATHER REPORTS BY TELEGRAPH.-Telegraphicadvices to us this evening from the South are to the effectthat on the whole the weather has been favorable the pastweek and farm work is now making better progress but isbackward at many points. The Mississippi River is at avery high stage at Memphis and rising.

Galveston, Tex.-Preparations for the next crop are beingrushed to completion, planting being already several daysbehind a normal year. It has been dry all the week. Aver-age thermometer 65, highest 74 and lowest 56.

Abilene, Tex.-We have had no rain the past week. Mini-mum thermometer 40.

Palestine, Tex.-There has been rain on one day duringthe week, the rainfall being seventy-six hundredths of aninch. Lowest thermometer 48.

San Antonii, Tex.-No rain all the week. Minimumthermometer 50.

Taylor, Tex.-There has been rain on one day the pastweek, the rainfall reaching four hundredths of an inch.Lowest thermometer 48.New Orleans, La.-There has been no rain the past week.

Thermometer has averaged 69.Vicksburg, Miss.-There has been rain on one day the

past week, the rainfall reaching two inches and eight hun-dredths. The thermometer has averaged 66, ranging from42 to 83.

Helena, Ark.-The river is rising. Rain has fallen on oneday of the week, the rainfall reaching one inch and fortyhundredths. The thermometer has ranged from 37 to 82,averaging 62.1.

Little Rock, Ark.-There has been rain on one day the pastweek, to the extent of ninety-four hundredths of an inch. Thethermometer has ranged from 40 to 80, averaging 60.

Memphis, Tenn.-The river is 40.9 feet on the gauge, or5.9 feet above the flood stage, and rising. Rain has fallenon one day of the week, the rainfall reaching thirty-eighthundredths of an inch. The thermometer has ranged from33 to 80, averaging 62.

Mobile, Ala.-Some planting has been done on uplands,but on account of the condition of the soil work Is badlybehind in bottoms. There has been rain on one day of thepast week, the rainfall being eight hundredths of an inch.The thermometer ranged from 37 to 80, averaging 63.


APR. 5 1913.) THE CHRONICLE 033

Montgomery, Ala.-Weather conditions are improving andfarmers are catching up. It has rained on one day during theweek, the rainfall reaching sixteen hundredths of an inch.Mean thermometer 61, highest 84, lowest 32.

Selma, Ala.-We have had rain on one day of the pastweek the rainfall reaching three hundredths of an inch. Thethermometer has ranged from 32 to 84, averaging 62.5.

Madison, Fla.-There has been rain on one day the pastweek the rainfall reaching forty hundredths of an inch. Thethermometer has ranged from 44 to 82, averaging 68.

Savannah, Ga.-Ther has been rain on one day the pastweek to the extent of thirty-four hundredths of an inch. Thethermometer has averaged 63, ranging from 39 to 80.

Charleston, S. C.-We have had rain on one day of the pastweek the rainfall reaching seventeen hundredths of an inch.The thermometer has ranged from 47 to 79, averaging 63.

Charlotte, N. C.-There has been rain the past week to theextent of eight-six hundredths of an inch. Thethermometerhas ranged from 38 to 80, averaging 59.The following statement we have also received by tele-

graph, showing the height of the rivers at the •points namedat 8 a. m. of the dates given:

April 4 1913. April 5 1912.Feet. Feet.

New Orleans Above zero of gauge_ 15.3 16.7Memphis Above zero of gauge_ 40.9 44.3Nashville Above zero of gauge_ 44.1 45.1Shreveport Above zero of gauge_ 8.6 16.0Vicksburg Above zero of gauge_ 42.0 47.7

RECEIPTS FROM THE PLANTATIONS.-The follow-ing table indicates the actual movement each week from theplantations. The figures do not include overland receiptsnor Southern consumption; they are simply a statement ofthe weekly movement from the plantations of that part of thecrop which finally reaches the market through the outports.

Weekending.

Receipts at Ports. Stock at Interior Towns. Receipts from Plantations.

1913 1912 1911 1913 1912 1911 1913

Feb. 14 109,474 303,385 134,382 752,636 726,985 616,803" 21 114.107 288,510 101,224 721,689 639.908 605,145" 28 117,320 283,687 91,599 706,377 595,089 576,457Mch. 7 110,183 203,159 72,362 674,428 573,122 552,964" 14 108,397 184,055 58,244 658,890 537.288 524,674" 21 79,805 175,215 48,770 638,511 488,692 505,636" 28 86.051 140,646 60,182 602,677 443,917 482,425

April 4110,473 15 , 7, 6 , 1 0 ,379 457,596

1912 1911

103,294 261,576 125.67683,160 255,055 89,566102,008 238.868 62,91178,234 181,192 48,86992,859 148,221 29,95459,426 126,619 29,73256,390 95,871 36,97176,137 109,915 _13,024

The above statement shows: 1.-That the total receiptsfrom the plantations since Sept. 1 1912 are 9,176,525 bales;in 1911-12 were 11,002,556 bales; in 1910-11 were 8,298,223bales.2.-That although the receipts at the outports the past

week were 110,473 bales, the actual movement from planta-tions was 76,137 bales, the balance being taken from stocksat interior towns. Last year receipts from the plantationsfor the week were 109,915 bales and for 1911 they were13,024 bales.

INDIA COTTON MOVEMENT FROM ALL or TS.-The receipts of India cotton at Bombay and the shipmentsfrom all India ports for the week and for the season fromSept. 1 for three years have been as follows:

April 3.Receipts at-

1912-13. 1011-12. 1910-11.

Week.Since

Sept. 1. Week.Since

Sept. 1. Week.Since

Sept. 1.

Bombay 53,000 1,802,000 54,000 1,03,000 76,000 1,670,000

Exportsfrom--

For the Week. Since September 1,

6orreaitu. Conti-nent.

Japan&China

Great Conti- JapanTotal. Britain. nent. & China. Total.

Bombay-1912-13__1911-12...1910-11_

Calcutta-1912-13._1911-12_1910-11__

Madras-1912-13_ _1911-12._1910-11_

All others-1912-13._1911-12._1910-11_ _

Total all-1912-13_1911-12_1910-11._

15,0001,000 22,000____ 122,000

1,0001,0003,000

1,000

15,0002,00012,000

49,00024,000

1,000500

64,00047,00022,000

2,0001,5003,000

1,000

8,000 23,000700 2,700

12,000

15,0005,00025,000

3,0002,0002,000

4,0002,0008,000

10,0005,000

27,00

211,000171,000569,000

9,0009,00024,000

17,0005,00018,000

102,00054,000170,000

545,000550,000352,000

10,0002,50013,000

8005

50,00016,7001,300

771,000726,000946,000

22,00013,50039,000

21,0007,800

26,005

162,00075,700198,300

1,00032,00025,00037,000

58,00025,200

90,00051,20037,000

32,00014,00062,000

339,000239,000781,000

605,000 976,000570,000 823,000366,3051,209,305

ALEXANDRIA RECEIPTS AND SHIPMENTS.

Alexandria, Egypt,April 2.

Receipts (cantars)-This week Since Sept. 1

WORLD'S SUPPLY AND TAKINGS OF COTTON.-The following brief but comprehensive statement indicatesat a glance the world's supply of cotton for the week and sinceSept. 1 for the last two seasons, from all sources from whichstatistics are obtainable; also the takings, or amounts goneout of sight, for the like period:

Cotton Takings. 1912-13.Week and Season.

Week.

1911-12.

Season. Week. Season.

Visible supply March 28 5,325,712Visible supply Sept. 1 American in sight to April 4._ _ 142,186Bombay receipts to April 3..... 53,000Other India ship'ts to April 3_ _ _ 26,000Alexandria receipts to April 2._ 4,000Other supply to April 2* 8,000

Total supply 5,558,898Deduct-

Visible supply April 4 5,126,927

2,135,48511,916,9461,802,000205,000979,000234,000

5,610,859

195,78554,0004,2008,0002,000

1,603,41813,850,0321.693,000

97,000941,000186.000 '

17,272,431

5,126,927

5,874,844

5.521,161

18,370,450

5,521,161Total takings to April 4a Of which American Of which other

431,971271.971160,000

12,145,5049,631,5042,514,000

353,683 12.849,289302,483 10,410.28951,200 2.439,000

*Embraces teceipts in Europe from Brazil, Smyrna, West India, Sze.a This total embraces the estimated consumption by Southern mills1,734,000 bales in 1912-13 and 1,564,000 bales in 1911-12-takings notbeing available-and the aggregate amounts taken by Northern andforeign spinners, 10,411,504 bales in 1912-13 and 11,285,289 bales in1911-12. of which 7,897.504 bales and 8.846,289 bales American.

MANCHESTER MARKET.-Our report received bycable to-night from Manchester states that the market isfirm for both yarns and shirting's. The demand for Indiais improving. We give the prices for to-day below andleave those for previous weeks of this and last year forcomparison.

1913. 1912.

320 CopTwist.

83( lbs. Shirt-lags, common

to finest.

Cot's

Uprs32: CopTwist.

814 lbs. Shirt-ing:, common

to finest.

Feb.142128Mch7142128Apr.4

8. 8. 8. 8. 8. a.

10341010

914101031 @

SOS GOO

1110%1014

101410%111134

103-168113-16

6 4 @II 66 334@116 334@l1 6

6 334@11 68 3 @118 3 @)11 68 3 @11

6 3 ig11 8

Q. 6. d.

6.93 9 @106.77 9 @106.898 15-1615 10

6.81 9 1-16 @) 1046.85 9 3-16 0103-166.91 9 3-16 0103-166.949 5-16 (4) 103.4

6.96 9 5-16 15 103.4

s.0. s.d.

5 734@11 15 7%811 15 7141511 1

5 9 @II 2%5 1034611 2145 1014011 2148 0 @II 3

6 0 @II 3

C0811Mid.Opel

0.

5:835.935.91

6.036.186.116.17

6.17

SHIPPING NEWS.-As shown on a previous page, theexports of cotton from the United States the past week havereached 124,032 bales. The shipments in detail, as madeup from mail and telegraphic returns, are as follows:

Total bales.NEW YORK-To Liverpool-Mar. 28-Carmania, 1,614_ _ _April 1-Coyle, 960.... .April 2-Celtic, 20 2,594

To Manchester-April 1-Titian, 1,500 1,500To Bremen-Mar. 28-Brandenburg, 323 323To Genoa-Mar. 28-Berlin, 1,200; Calabria, 200 1,400To Naples-Mar. 28-Berlin, 350 350To Leghorn-Mar. 28-Calabria, 200 200GALVESTON-To Liverpool-April 2-Antillian, 7,681___Aptil 3-Cuthbert, 5,300 12,981To Manchester-Mar. 29-Mercedes de Larrinaga, 3,214; NI-cute de Larrinaga. 8,821 12,035To Havre-Mar. 31-Bowes Castle, 6,480 6,480To Bremen-Mar. 29-St. Andrew, 4.132.. _April 1-Cassel,58E6 10,018 To hamburg-April 1-Atlantian, 5,960 5,960To Antwerp-April 1-Hornby Castle, 3,642 3,642To Ghent-April 1-Hornbv Castle, 1,31)2 1,392TEXAS CITY-To Liverpool-Mar. 31-Antillian, 100 100To Mexico-Mar. 26-Antares, 550 550PORT ARTHUR-To Bremen-April 4-Anglo-Californian, 15,-000, Sally Ma,ersk, 135 15,135NEW ORLEANS-To London-Mar. 28-Colonian, 100 100To Belfast-April 1-Carrigan Head, 3,475 3,475To Marseilles-April 3-Ida, 54 54

To Bremen-Mar. 31-Japanese Prince, 5,959 5,959To Hamburg-April 2-Elbe, 673 673To Rotterdam-April 2-Indian, 286 286To Antwerp-Mar. 29-Colonian, 200.. _Mar. 31-JapanesePrince, 128 328To Barcelona-April 3-Ida, 1,451 1.451To Genoa-April 2-Monviso, 3,398 3.398To Venice-April 3-Ida, 1,741 1,741To Triests-April 3-Ida, 550 550To Mexico-April 4-Hero, 400 400PENSACOLA-To Bremen-Mar. 31-Nessian, 6,511 6,511SAVANNAH-To Bremen-Mar. 29-Dacre Hill, 1,870-April 1-Inca, 3.245 5,115To Hamburg-April 1-Inca, 650 650To Barcelona-Mar. 28-Kobe, 6,300 6,300BRUNSWICK-To Bremen-April 2-Dacre Hill, 1,701 1,701BOSTON-To Liverpool-April 1-Bohemian, 2,045 2,045

To Manchester-Mar. 28-Iberian, 555 555PHILADELPHIA-To Genoa-Mar. 29-Verona, 100 100SAN FRANCISCO-To Japan-Mar. 29-Siberia, 5.464 5,464PORT TOWNSEND-To Japan-April 1-Chicago Maru, 2,516.. 2,516

Total 124,032

The particulars of the foregoing shipments for the week,1912-13. 1911-12. 191041. arranged in our usual form, are as follows:

25,0007,343,488

60,000 65,0007,057,256 7,374,071

Exports (bales) ThisWeek.

SinceSept. 1

To Liverpool To Manchester To Continent and India_To America

2,5003.5008,0002,000

176,835182,354307,338107,098

This Since This SinceWeek. Sept. 1. Week. Sept. 1.

5,000 166,718 3,000 186,113189,150 6,750 192,1589,'"i80 285,068 11,000 319,418

3,250 79,720 3,000 98,386Total exports 16,000 773,625 18,000 720,656 23,750 796,075

Note.-A cantar is 99 lbs. Egyptian bales weigh about 756-11.3s.The statement shows that the receipts for the week were

25,000 oantars and the foreign shipments 16,000 bales.

Great French Ger- -Oth.Europe- Mex.Britain. ports. many. North. South. &c. Japan. Total.New York__ . .,094 _ __ 323 _ 6.36725,016 62 5' 5

------------------550 --- ---- ------------- 52,508Galveston

____ 650Texas City 100 ____ _ __ _Port Arthur_ _ 15,135New Orleans_ _ _ 3,575 M 6,632 -6ii f,i;i6 -466 :::: 1128____ 6,511Pensacola __ __

5,7651

&,51:145 :::: :::: ANASavannah Brunswick

------------------------2,600 Boston 2,6C0 TOO 100Philadelphia __ _ ___ _ . .. . : __ __

---- 4,564 5,464----____ 2,516 2,516

San Francisco _ ____---- ----Port Townsend_ ____

Total 35,385 6,534 52,045 5,648 15,490 950 7,980 124,032The exports to Japan since Sept. 1 have been 256,773 bales

from Pacific ports and 5,500 bales from New York.


i 03 t THE CHRONICLE xciri.

Cottonifreights at New York the past week have been asfollows, quotations being in cents per 100 lbs.:

'Liverpool Manchester Havre Bremen Hamburg Antwerp Ghent, via AntwerpRevel Barcelona Genoa Trieste Japan Bombay

Sat.25253335504040405530456060

Mon.25253335604040405530456060

Tues.25253335504040405530456060

Wed.25253330504040405530456060

Thurs.25253330504040405528506060

Fri.25253330504040405528506060

LIVERPOOL.-By cable from Liverpool we have thefollowing statement of the week's sales, stocks, &c., atthat port:

Mar. 14. Mar. 21. Mar. 28. April 5.Sales of the week 44,000 30,000 32,000 48,000h Of which speculators took_ _ 7,000 2,000 3,000 3,000f Of which exporters took _ ---- 1,000Sales, American 40,000 26,000 26;666 -37656, Actual export 11,000 4,000 11,000 6,000Forwarded 89,000 45,000 64,000 97,000Total stock-Estimated 1.375,000 1,352,000 1,331,000 1,281,000Of which American 1,214.000 1,185,000 1,142,000 1,099,000

'Total imports of the week.. 75,000 27,000 53,000 53,000r Of which American 60,000 14,000 18,000 39,000Amount afloat 118,000 116.000 122,000 117,000Of which American 75.000 77,000 88,000 84,000

The tone of the Liverpool market for spots and futures'each day of the past week and the daily closing prices ofspot cotton have been as follows:

Spot. I Saturday. Monday. Tuesday. Wednesday.

Market,12:15P.M.

Mid. upi'd

Quiet.

6.98

•Sales 5,000'Spec.&exp. 300

Futures.Market 1.opened

Market,4P.M. t

Steady,3 pointsadvance.

Quiet,2(43 pts.advance.

Quiet.

6.99

7,000700

Steady,2M(43 pts.advance.

Easy at2©334 pts.decline.

Quiet.

6.91

7,000500

Quiet,unch.to 3 pointadvance.

Very sty.,1%@5%pts. adv.

Moredemand.

6.99

8,000500

Steady,3®4 pts.advance.

Steady,35.0;0%pts. adv.

Thursday.

Moderatedemand.

6.99

8,000600

Quiet,2®2li pts.

decline.

Steady,unch.to 1;,6pts. dec.

Friday.

Quiet.

6.96

6,000500

Steady,2 pointsdecline.

Quiet,1®334

decline.

The prices of fututes at Liverpool for each day are givenbelow. Prices are on the basis of upland, good ordinaryclause, unless otherwise stated.

The prices are given in pence and 100ths. Thus: 6 71 means 6 71-100d.•

Mar. 29to

'Apr. 4.Sat. Mon. Tues. Wed. Thurs. Fri.

1234p.m.

1234p.m.

12341p.m.

4p.m.

1234p.m.

4p.m.

1234p.m.

4p.m.

1234p.m.

4p.m.

1234p.m.

4p.m.

..1=01.

March ------6Mar.-Apr.Apr.-MayMay-JuneJune-JulyJuly-Aug_Aug.-Sep_.Sep.-Oct•Oct.-Nov.Nov.-De Dec.

-Jan---------Jan.-Feb_Feb.-Mar.helskr.-Anr

_

d. 716 686 66346 65346 636 586 476 346 25346 226 216 20

d.733470696865346159%352634232221

22 23

d.

0.- __

6434633461563445%3122341918171819

d.

-0 --

6463346156%45%31342319%18%49%1734183419 •20

d.

ffi-,i6934683465%6048%332421

183.41954

a.-

la7234726963%5235343726342321%20342134221.4

d.-

n3,57334737064%53

2824%23222324

d.--

'is,571703467%6250343425542220%193420342114

d.----73727269,63%151%3727341242234213422542314

d.--

'iO6834686560%48343425342220%1934203421A

. d--

fl69683466614934353426342321%2054213422A

BREADSTUFFS.Friday Night, April 4 1913.

Flour has continued in light demand. Minneapolis mills'state that business is without snap, although sales are almostequal to production. Prices suffer from buyers' indifference.'There has been a fair trade at Chicago. At Kansas Citythe sales have been very light. At St. Louis there has been.a slight increase in the demand, coincident with a rise inwheat. But, take it for all in all, trade continues to be un-satisfactory. Buyers obviously prefer to continue, as a rule,to buy from hand to mouth. The market has therefore gotinto a kind of rut. What is to take it out of the rut is a mat-ter of pure conjecture. During the week some low priceshave been made at the West. The production last week atMinneapolis, Duluth and Milwaukee was 356,190 barrels,.against 352,760 in the previous week and 331,700 last year.

Wheat has advanced. The squeeze in March wheat inLiverpool had some effect, and stocks have been decreas-ing. Liverpool reports that the Continental demand hasincreased. It is even said that Russia has purchased two.cargoes of River Plate wheat to be shipped to Odessa. Also,.and singularly enough, two cargoes of the same kind of wheathave been taken by North Africa. All near-by availableRiver Plate wheat, it is stated, has been purchased andEurope has been buying considerable Australian. TheFrench wheat reserves turn out to be even smaller than theywere supposed to be. Germany's offerings of native wheatare smaller than they have been hitherto. Itlooks as though Germany will have to continue to buylargely of foreign wheat, owing to the poor quality•of its native wheat. The stocks of Germany'simporters are light. Russia's interior reserves are saidto be small. Much of the wheat available in Russia is also

said to be of inferior quality. These things have theirweight. .The world's stock of wheat decreased for the week3,514,000 bushels, against a decrease in the same week lastyear of 535,000 bushels. These figures excited considerablecomment. On the other hand, the crop reports from theWest have been for the most part favorable. Only a fewreports of Hessian fly have been received. They have hada tendency to check short selling without actually havingany very direct or positive influence on prices. The weatherat the Northwest has been favorable. The crop movementthere has consequently been liberal. Not only has the cropoutlook in this country been favorable, but the advices fromforeign countries have also been of the same tenor. Thewinter-wheat crop in the United Kingdom is do-ing well, although the spring-wheat crop isis in need of warmer weather. In France the outlook isgenerally favorable, despite the fact that the weather haslatterly been too wet. Cheerful crop reports also come fromGermany, Russia, Italy, Australia and India, as well as fromSpain, Hunga y, Roumania and North Africa. Further-more, the world's shipments showed some increase last week.They reached a total of 13,520,000 bushels, against 12,776,-000 in the previous week and 11,376,000 last year. Argen-tina shipments increased noticeably. They were 6,104,000bushels, against 4,968,000 in the previous week and 3,264,000last year. Shipments from the Danube were also larger,i. e., 1,112,000 bushels, against 768,000 in the previous week.Nevertheless the market has shown considerable strength.Strength in foreign ,markets has been one of the principalfactors, offsetting liberal receipts and favorable crop pros-pects on this side of the water, as well as the lack of exporttrade in American markets. To-day prices were strongeron higher cables, smaller receipts and covering.DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.

Sat. Mon. Tues. Wed. Thurs. Fri.No. 2 red cts_112 112 112 113 113 113May delivery in elevator 9734 98 9834 9834 9834 9834July delivery in elevator 9634 9634 97 9734 9734 9734September delivery in elevator.. 96 9634 9634 9634 9634 97DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.

Sat. Mon. Tues. Wed. Thurs. Fri.May delivery in elevator eta.. 8934 9034 Holl- 91 9134 9134July delivery in elevator 8934 8934 day. 9034 90X 9034September delivery in elevator.. 89 8934 89% 89% 9034

Indian corn has also advanced, partly through the aid ofthe rise in wheat. Moreover the crop movement has beenrather light. Large interests have been buying quite freelyat Chicago. Cash corn has been noticeably firm, and thisfact has reacted on futures. Interior markets have beenfirmer because of a lack of any great pressure to sell. A fairexport demand has prevailed at times of late, though earlierin the week it was conspicuously lacking. Floods at theWest have interfered with the movement of the crop to someextent. Yet, aside from the influence of strong cash prices,the firmness of corn, as already intimated, has been largelytraceable to the influence of wheat. The world's shipmentsreached the liberal total of 4,308,000 bushels last week,against 9,244,000 in the previous week and 3,358,000 in thesame week last year. Some leading shorts have been buying,but other very heavy operators at Chicago are believed to bestill short of the market. To-day prices advanced slightlyand then reacted. Wet weather prevailed at the West.It may cut down receipts.DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.

Sat. Mon. Tues. Wed. Thurs. Fri.Cash corn now. nom. ',nom. nom. nom. now.DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.

Sat. Mon. Tues. Wed. Thurs. Fri.May delivery in elevator eta.. 53 5334 Holi- 5434 5434 5434July delivery in elevator 54% 5434 day. 5554 56 555/,September delivery in elevator...-. 55% 5534 5634 57 57

Oats have risen in sympathy with the advance in othergrain. Elevator concerns at Chicago have been buyinggood oats for storage purposes. Stocks at Chicago arenow 4,755,000 bushels, against 6,012,000 bushels a year ago.Large operators have been covering shorts at Chicago. Cashprices have advanced there under the stimulus of a prettygood demand. In a word, the general situation has been suchthat shorts in many cases deemed it advisable to cover, notonly because of the strength of other grain but also becauseof the unmistakable firmness of cash oats. To-day pricesadvanced slightly. Chicago receipts were light.

DAILY CLOSING PRICES OF OATS IN NEW YORK.Sat. Mon. Tues. Wed. Thurs. Fri.

Standards eta.. 38 3834 3834 39 40 40No. 2 white 38 38 38 3834 now. now.

DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.Sat. Mon. Tues. Wed. Thurs. Fri.

May delivery in elevator eta.. 3334 3434 Holi- 3434 3434 3434July delivery in elevator 3334 3i'day. 34r 3454 34%September delivery in elevator__ _ _ 3331 33 34 3434 34%

The following are closing quotations:FLOUR.

Winter. low grades____$3 35§$3 75 Spring clears $3 80@)34 15Winter patents 5 25 5 75 Kansas straights, sacks.. 4 10 430Winter straights 4 50 4 60 Kansas clears, sacks__ 3 75 4 00Winter clears 4 25 4 30 City patents 5 95 6 25Spring patents 4 50 4 75 Rye flour 3 65@ 3 90Spring straights 4 40 4 60 Graham flour 4 00 4 75

GRAIN.Wheat, per bushel-f. o. b. Corn, per bushel-N. Spring. No. 1. $1 0134 No. 2 elevator NominalN. Spring, No. 2. now. Steamer elevator 58@58%Red winter, No. 2, 113 No. 3 e.l.f.5834©59Hard winter, No. 2 1 0254 Rye, per bushel-

Oats, per bushel, new- Cents. No. 2 06Standards 40 State & Pennsylvania__ NominalNo. 2, white now. Barley-Malting 55©65No. 3 39®3954For other tables usually given here, see page 990.


APR. 51913.1 THE CHRONICLE 1035The visible supply of grain, comprising the stocks in

granary at principal points of accumulation at lake andseaboard ports March 09 1913, was as follows:

UNITED STATES GRAIN STOCKS.Amer. Bonded Amer. Amer. Bonded Amer. Amer. BondedWheat. Wheat. Corn.

In Thousands- bush. bush. bush.New York 940 199 473'Boston 245 561 465Philadelphia 60 123 406Baltimore 511 31 2,414New Orleans 1,088 455'Galveston 570 158Buffalo 1,090 1,416

afloat 611"Toledo 685Detroit 337,Chicago 6,311" afloat

Milwaukee 274___Duluth 14,381 2,71 1" afloat 3,458

Minneapolis 21,726St. Louis 2,239Kansas City 3,496Peoria 4 --iiIndianapolis 265Omaha 705

Total Mar. 29 1913__58,996Total Mar. 22 1913__60,486Total Mar. 30 1912....51,042Total April 1 1911__34,152

-iai180

9,38944496236

--56324916297776

1,850

Oats. Oats.bush. bush.1,059 35

29 2113213154

92525631469

4,756

-iia471361

1,3834969443166

1,480

3,625 21,494 13,1153,493 22,685 12,9236,601 15,914 13,430---_ 11,166 13,129

Rye. Barley. Barley.bush. bush. bush.

70 65 483 5

105 199 ____

1689 116

--Li-64i 68

723438

698530

2,864

CANADIAN GRAIN STOCKS.Canadian Bonded Canadian Bonded

Wheat. Wheat. Corn. Oats. Oats.In Thousands- bush, bush, bush, bush. bush.

Montreal 162 22 1,648 ____Ft.Wi1liam&1't.Arthur_13,542 ____ 5,456 __ _" afloat 7,498 440 ____

Other Canadian 4,021 2,307 - - _ -

Total Mar. 29 191325,223 ---- 22 9,851Total Mar. 22 191324,919 ____ 20 9,706Total Mar. 30 1912 29,125 ---- 6 7,483Total April 1 1911-11,966 ---- 9 7,025

SUMMARY.Bonded Bonded

Wheat. Wheat. Corn. Oats. Oats.In Thousands- bush, bush, bush, bush. bush.

American 58,996 3,025 21,494 13,115 698Canadian 25,223 __ 22 9,851 __-

Total Mar. 29 1913__84,219 3,625 21,516 22,066Total Mar. 22 1913_85,405 3,493 22,705 22,629Total Mar. 30 1912_80,167 6,601 15,920 20,913Total April 1 1911_46,118 ____ 11,175 20,154

698530

2,864

--4682161164613

76 31

1,063 2,5581,062 2,380850 2,243114 1.190

-iio

316270331

Canadian BondedRye. Barley. Barley

bush, bush. bush.5_ _ _ 0 __

50 _49 _90 ____77 ____

BondedRye. Barley. Barley.bush, bush. bush.1,063 2,558 316

50 __--

1,0631,062850114

2,6082,4292,3331,267

316270331

THE DRY GOODS TRADE.New York, Friday Night, April 4 1913.

Dry goods markets have been very quiet during the pastweek, with goods moving slowly in all departments. Whilea slightly easier tendency is noticeable on some lines, par-ticularly cotton goods, prices are generally steady. Mostmanufacturers are pretty well booked for the coming twoor three months, and are consequently paying no attentionto offers at prices under the present market. In all linesbuyers are confining their purchases mainly to spot andnear-by requirements, as they are fairly well covered and there-fore do not care to operate ahead. The convening of thespecial session of Congress next week to revise the tariffis responsible for the conservatism displayed on all sides.Reports are current that imports of foreign goods have greatlyincreased and are being held here in anticipation of drasticcuts in the tariff. There is also some talk of financial diffi-culties on the part of some large jobbers and retailers, andmanufacturers are closely examining credits on all ordersreceived. The effects of the recent floods have also beenseverely felt in the market and have greatly restricted busi-ness. While early reports of the damage done were greatlyexaggerated, many merchants were hard hit and will not beable to handle the volume of spring business they had ex-peeted to. Some cancellations have been received but theyare not as numerous as had been expected when the floodswere in progress. More cancellations will undoubtedlyfollow when communications are .again thoroughly estab-lished and the merchants in the afflicted territory have ascer-tamed their exact position. In cotton goods, business isquiet, and buyers are confining their attention to securingdelivery of goods already due them for the spring and sum-mer seasons. Lines of heavy cottons are firmly held, butgoods in the gray and print cloths are easier. Furtherreductions in the prices of cotton yarns, while inducing littlenew business in yarns, have encouraged buyers of manufac-tured goods to seek still lower prices from manufacturers.Export trade is quiet .aside from a moderate business insheetings for Red Sea account. The situation is unchangedso far as China is concerned and exporters are not in a posi-tion to give any definite reports regarding that market.There is talk of Chinese merchants being well coveredfor the present, but, considering the poor market in thatquarter since the revolution, it seems safe to assume thateventually a heavy business will come forward.WOOLEN GOODS.-Markets for men's wear have been

less active as reports of reductions in the price of some ofthe heavyweight lines, together with the tariff uncertainties,have tended to make buyers conservative. Mills makingdress goods, however, are well provided with business. Pricesare steady and retailers have been buying freely.DOMESTIC COTTON GOODS.-The exports of cotton

goods from this port for the week ending March 29 were7,768 packages, valued at $610,024, their destination beingto the points specified in the tables below:

-1913- -1912Since Since

New York to Marrh129. Week. Jan. 1. Week. Jan. 1.Great Britain 13 324 23 930Other Europe 15 260 25 283China 14.46624,498India 9 6,063 -5.4 6,254Arabia 851

9,084-- 14,151

Africa 1,594 7,686 . 4,094West Indies 739 11,329 1,28114,633Mexico 64 837 m 836Central America 183 4,407 318 4.338South America 1,539 15,256 2.685 20,171Other countries 2,761 16,901 790 15,568

Total 7,768 86,613 5.263 105,756The value of these New York exports since Jan. 1 has been

$6,708,429 in 1913, against $7,297,169 in 1912.It has been generally quiet in markets for domestic cotton

goods during the past week and while an easier undertonehas been reported in some quarters, prices as a rule have beenwell maintained. Advices from the flooded districts inthe West are coming in slowly and many show a desire tocancel orders for goods due during the current month, orelse defer shipments until conditions become more settled.As a result of the floods, business in many sections of Ohiois at a standstill; in fact quietness prevails in all quarters, asin view of the uncertainties in connection with the approach-ing tariff revision, most buyers do not care to operate aheadand are confining purchases to small lots to supply immediateneeds only. Ginghams are among the goods that are insteady request, although no large quantities are taken.Bleached cottons are being purchased in a small way atsteady prices, while duck rules firm and some lines scarcefor prompt delivery, this being particularly true of wideduck. Regarding fancy cottons these goods are in betterdemand than plain goods, such lines as voiles, crepes andgoods of lawn construction selling well. Wash fabrics arealso moderately active, with repeat orders numerous. Bed-spr.eads and cotton damask table coverings are in fair demand.Print cloths continue to rule quiet, although a moderatebusiness has been transacted in twills and sateens. Buyersin most cases are inclined to hold off, believing that the bot-tom has not yet been reached. Gray goods, 38M inch stand-ard, are quoted 53c.FOREIGN DRY GOODS.-The influence of the prospec-

tive tariff revision is beginning to be felt in the markets forlinens, and jobbers are less disposed to operate beyond thefall season. It is not likely that there will be much changein prices during the current year, as mills are well bookedwith business and the position of raw material is firm.During the past week retailers have displayed considerableinterest in colored dress linens, but owing to light supplieshave found it rather difficult to place orders for promptshipment. Housekeeping lines are in moderate demand.The situation in burlaps has remained about unchanegdduring the past week. Business in heavyweights has beenmoderately active with stocks in dealers' hands light.Lightweights are quoted at 6.100. and heavyweights at 8.75c.Importations & Warehouse Withdrawals of Dry Goods.

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1036 THE CHRONICLE [VOL. xcvz.

!NiSmi CITY DEPAITTMENT.The Timinicte:'

PUBLISHED WEEKLY.

Terms of Subscription-Payable in AdvanceFor One Year $10 00For Six Months 6 00European Subscription (including postage) 13 00European Subscription six months (including postage) 7 50Annual Subscription in London (including postage) 22 14s.Six Months Subscription in London (including postage) 21 11 s.Canadian Subscription (including postage) $11 50

Subscription includes following Supplements-!B . NK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL (3 times yearly)

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Terms of Advertising-Per Inch SpaceTransient matter per inch space (14 agate lines) 4 20

Two Months (8 times) 22 00Three Months (13 times) 29 00Standing Business Cards 50 00neigaironths(5S ttimes) 87 00

ClilcAco OFFICE-Geo. M. Shepherd, 513 Monadnock Block; Tel.Harrison 4012LONDON OFFICE-Edwards cils Smith, 1 Drapers' Gardens, E. C.

WILLIAM B. DANA COMPANY, Publishers,P.O. Box 958. Front. Pine and Depeyster Sts., New York,

MUNICIPAL BOND SALES IN MARCH.

The distinctive feature of last month's municipal bondmarket was the failure of a large number of municipalitiesto sell their securities. The loans offered without successreached a total which actually exceeded by about 3 millionsthe amount of loans negotiated. In many cases the bonds of-fered failed to attract any bids, while in others the offerssubmitted were deemed unsatisfactory. The larger and moreimportant bond issues which failed to find takers were asfollows: $5,144,000 5s and $144,000 43's of San Francisco,Cal., $1,000,000 4s of Harris County, Tex., $1,125,0004s of Toledo, Ohio, $675,000 4s of Cincinnati, Ohio, and

55,000 43.is of Cleveland, Ohio. The Cleveland bondswere eventually taken by the sinking fund. The city ofPittsburgh advertised $5,310,500 bonds to be sold on March27, but this offering was withdrawn prior to that date,owing to the poor condition of the market.The amount of permanent bonds placed in March was

$12,455,139. In addition there were sold temporary ob-ligations aggregating $26,665,622. Canadian municipalsecurities amounting to $3,449,978 were also disposed of.In the following we furnish a comparison of all the various

forms of obligations put out in March of the last five years:1913. 1912. 1911. 1910. 1909.

$ $Permanent loans (U. S.)_12,455,139 21,138,269 22,800,106 09,093,390 32,080,227Temporary loans (U. S.)_26,665,622 23,143,527 22,392,467 14,482,588 5,630,069Canadian loans (perm't)_ 3,449,978 31,011,034 5,727,550 7,230,210 3,925,403

Total 42,570,739 75,292,830 50,920,219 90,812,188 42,241,099

The number of municipalities emitting permanent bondsand the number of separate issues made during March 1913were 189 and 254, respectively. This contrasts with 228 and366 for February 1913 and 306 and 432 for March 1912.For comparative purposes we add the following table,

showing the output of long-term issues for March and thethree months for a series of years:

Month of For theMarch. Three Mos.

1913 $12,455,139 970,422,4861912 21,138,269 75,034,1791911 22,800,198 123,463,0191910 69,093,390 104,017,3211909 32,680,227 79,940,4461908 18,912,083 90,769,2251907 10.620,197 58,326,0631906 20,332,012 57,030,2491905 17,980,922 35,727,8061904 14,723,524 46,518,6461903 9,084,040 30,176,768

Month of For theMarch. Three Mos.

1902 $7,989,232 $31,519,5381901 10,432,241 23,894,3541900 8,980,735 34,492,4681899 5,507,311 18,621,5801898 6,309,351 23,705,7331897 12,488,809 35,571,0621890 4,219,027 15,150,2081895 4,915,355 21,020,9421894 5,080,424 24,118,8131893 6,994,246 17,501,4231892 8,150,500 22,264,431

In the following table we give a list of March loans to theamount of $12,455,139 issued by 189 municipalities. Inthe case of each loan reference is made to the page in the"Chronicle" where an account of the sale is given.Page. Name. Rate. Maturity.890.._Ada School District, Ohio.. _ _ _ 4( 1920963....Afton, Iowa d1918-1923739_ _Akron School District, Ohio__ 4A a1926890-..Akron School District, Ohio__ 4 a19261038__Albany County, N.Y 4 4 19351038_Albion, N. Y 4.65 a19251038__Allentown. Pa 4 d1918-1943739__Alliance. Ohio 4A 1931739„Alliance, Ohio 4% 19301038_ _Ansonia, Conn 434890_ _Apalachicola, Fla 6890__Arcadia Sch. Dist., Cal 963.- _Archbold, Ohio 4%

1038.. ..Baker, Ore 5739- _Ballard County, Ky 6818_ _Beaverhead County, Mont.._ 1038- _Berlin Heights S. D., Ohio .. _ _ 964__Biglerville. Pa 434964_ _Binghamton, N. Y 41038- _Bisbee H. S. D. No. 2, Ariz 5341038- -Buffalo, N.Y 4891- _Caldwell, N. J 5891.._Calhoun County, Texas 5811- -Califosnia 4

Amount. Price.315,000 1004,000 y100

60,000 100.845850,000 100.66100,000 100150,000 y100.1055,000 5,500 100.6615,600 100.9299,000 101.1115,000 102.36625,000 100.848

a1918 19,800 1001933 8,826 101.132

1915-1924 24,000 1001933 30,000 y101a1925 12,000

7,000 3,500 100.054

1916-1923 80,000 102.7151938 13,700 z100a1928 90,000 102.82 135,000 1001923-1924 800,000

Page. Name. Rate.1038.- _Cambridge Springs, Pa 4811-..Canonsburg. 'Pa 4891-Cary, Montreal and Vaughn

Joint Sch. Dist. No. 1, Wis..5964_ _Cascade Co. S. D. 63, Mont 6811.. ..Cass County, No Dak 5891 ...Cass County, No. Dak 5739_ _Celina, Ohio 5811_Central Clay Dr. Dist., Ark.... 534964.. _Centralia, Wash 6964.. ..Chagrin Falls, Ohio (2 issues)_ 5964.. ..Chagrin Falls, Ohio (2 issues) 51038_ _Charlotte, Mich 891_ _Chehalis Co S. D. 62, Wash.._ 534891.._Chicago-South P.D.,I11.(2 iss.) 4964.. _Chouteau Co. S. D. 56, Mont.. 6964.._Clarington S. S. D., Ohio..__- 6811_ _Clark County, Miss 51039_ _Clayton, Mich 5891_ _Cleveland Heights S. D., Ohio 5891_ _Columbiana County, Ohio_ _ _ _ 5964_ _Corbin, Ky 51039_ _Crafton Sch. Dist., Pa 434811_Cranford Sch. Dist., N. J___ _ 5812_ _Cuyahoga County, Ohio 4891_ _Cuyahoga Co., Ohio (2 issues) 4812__Dairyville S. D., Cal 891__Danville, Ky. (2 issues)812.. _Dayton, Ohio (3 issues)891....Delta County, Mich 1039_ _Denver. Colo 6965.._Detrott, Mich 41039_ _Donora, Pa 434891__Dubuque, Iowa 5812_ _Duluth. Minn 4341039.._Epworth, Iowa 534965.._Eufaula, Okla 1039_ _Everett, Wash. (2 issues) 7891_ _Fairbury S. D., Neb 6

Iti740_-Fall River, Mass 14

1039.._Forsyth Co., No. Caro 5965....Fullerton, Cal 7965„Fullerton S. D., Cal 965....Fulton, Ky

1039.. _Fulton, Ky - 6812_ _Gallipolis, Ohio 51039_ _Geneva, Ohio (6 issues) 5891_ _Glendale, Ohio 434891_ _Goodrich S. D., Mich 5965.. _Grant's Pass. Ore 51040_ _Granville, Ohio 51040_ _Hamburg, Pa 1040_ _Harg Spec. Rd. Dist., Mo ___ 6891_ _Harris Twp., Ohio 5 a1940965.. ..Hopewell Twp., Ohio 434 a1926812_ _Horse Cave S. D., Ky 5 1937740.._Iredell Co., No. Caro 534 a1919813_ _Ireton, Iowa 434 1923-1933965„Jarkson, Ohio (2 issues) 4 1933740_ -Tamper, Ind 4 1914-1918892_ _Jersey City, N. J 434 1963965.. _Jordan S. D Cal 6 a19191040...Kansas (4 issues) 5&534 1040.... Kansas City, Kan 5 1914-1923892_ ..Kansas City, Mo 6 1914-1923965_ Kansas City, Mo 61040_ _Kansas City, Mo 6813_ _King Co., Wash 51040_ _Kingston S. D., N.Y 43C

892_ _Knox County, Ohio (2 issues).. 5740.._Lake County, Ohio 434 892_ _Lake County, Ohio 434740_ _Lakewood, Ohio (14 issues) 5965_ _Lansdowne, Pa 434 1943892.._Lauderdale County, Miss_ _ _ _ 5 a1930965_ _Lenoir City, Tenn 6 1943892.._Lexington, Ky 6 191349221040_Lincoin Co. S. D. No. 31, Wash.5 d1923-19331040...Lincoln, Neb. 3 issues) 5 1918740_ _Long Branch, N. J 434 1933813__Lorain, Ohio 434 1041__Lordsburg, Cal 5813_ Lyme Twp. Ohio 5

er , 4%965: :Nradison Co., Ohio (2 issues).... 5740_ _Marion. Ohio 5740„Marion Ohio 5965_ _Mason County, Mich 813_ _Maxwell G. S. D., Cal 813_ _Mexico S. D., Mo 434966_ _Middletown, Ohio 454740_ _Mississippi C. S. S.D., Miss_ _966__Monrovia S. D., Cal 740.. ..Montgomery County, Ohio_ _ _ 5966.. ..Montgomery County, Tenn966_ _Mountain S. D., cal 5813_ _Mount Hope, N.Y 6968.. _Newcastle, Del 5966.._Newport, 'Wash 534966_ _Newport, R. I 4813.._Newton, Mass 4 1914-10231041_New York City 3 1913892_Nichola.sville, KY 5 d1918-1933966_ Norwalk Twp., Ohio 51041_ Norway S. D., Mich 5966_ Oakdale Irr. Dist., Cal 5966_ Ogden, Utah 434893_ _Palestine S. D., Ohio 6741_Palmer, Mass 4893__Patterson S. D., Cal 1042_ _Paulding, Ohio (2 issues)

966_ _Paulding County, Ohio 5966.._Paulding County, Ohio 5741_ _Perry County, Ind 434967_ _Petersburg, Va 4967_ _Pike Twp. S. D., Ohio 51042.. ..Pocahontas County, Iowa.... _ -

4%5

daturity. Amount. Price.$15,000 100

1925 12,000

a1917 26,000 102.183d1920-1922 1,000 1001916-1924 19,500 100

16,000 a1933 22,000 104.28 500,000 300,000 95.777

7,883 100.87530,849 100.4861,000

d1914-1918 3,600 1001914-1933 620,000 96.074

d1918-1923 4,500 100.33a1921 3,000 107.22

d1918-1933 50,000 1914-1922 2,600 100 200,000 103.30a1918 29,736 101.75

31,500 100 110,000 102.765

98,000 101.8366,400 100.21859,749 2,000 10228,000 100.05321,600

100,000 101.1551926 44,000 101.64

144,00076,000 15,000 100

1943 100,000 1001918-1933 10,000

75,000 3,525 103.8413,000 101.10

1923 190,000 1001923 90,000 100

1923-1943 150,000 102.6926,400 10070,000 40,000 26,221 100

al918 3,000 100.9520,430 var.

1918-1921 4,000 100.431a1922 10,000 102.50

d1928-1943 200,000 10012,500 100.85616.000 20,000 10018,000 103.0222,000 100.0512,000 10030,000 102.1353,000 1009,000 2,500 102.20

95,000 102.5314,800 104.06

40,116 10030,098 10126,162 100.5075,778117,268 100.25950,000 101.38151,500 1001 4,000 10175,000 101.5262,000 100.80

a1925 40,000 100.61180,925 75,000 100,000 100.1140,000 106.27520.000 10040,000 10018,800 100.02614,000 z10012,133 100.875

1949 36,000 101.416a1923 10,000 101.811935 22,000 100

19,000 101.95334,744 101.99784,937 101.72921,000

1914-1937 24,000 100.062525,000 100

a19111 15,49410,000 100.52525,000 100.8486,000 100.25

72,500 100.311924-1933 20,000

7,000 1915-1924 10,000 100d1923-1933 7,500 y100

30,000 97.3311,000 1001,000 z100

30,000 101.2568,000 102.056

1914-1928 65,000 102.0819334943 160,000 1001933 100,000 97.234

15,000 104.9041913-1919 21,000 100.1619164943 35,00 I

1iI2,000 101.081

5,100 103.295,000 100.39

3,900 101.01al924 70,000 101.4091953 197,000 z101

a1917 1 3,000 1021918-1928 3,000 100.50

60,000 101.6951929-1930 2,000 103.401939-1940 2,000 103.401915-1929 15,000 100.186

1918 6,998 100.11a1915 15,000 100.071923 50,000 101.73

a1918 75,000 103.071930 36.000 100

18,700 102.3420,000 103.055

d1923-1933 123,000 d1918-1933 85,000 100

1935 305,000 1001933 6,000

d1914-1923 21,592 100.97316,000 100.75

1916 17,124 100 120,000

42,500 1001933 300,000 100

1018-1922 2,500 100.561933 50,000 101.288 238,386 100

741-..Port Chester, N. Y

893_ Port Chester, N Y 741_ Poughkeepsie. N Y 893__Pultney Twp., Ohio 893_ Readlyn, Iowa 967.. Richmond & Riley Twps. Frac.

Sch. Dist. No. 1, Mich 893_ Riclunond Twp., Ohio 814- Rosebud County, Mont 1042.. ..Running Lake Dr. Dist., Ark_1042.. Sacramento County, Cal 967- St. Bernard, Ohio 967.._St. Johns. Ore 893- St. Louis, Mich 967_ _St. Paul, Minn. (3 issues).._ _ -893_ San Diego, Cal

55434554345534

5556646

967_Sandusky, Ohio 41042_ _Seattle, Wash 4341042_ _Seven Palms Sch. Dist., Cal 61042.._Sewickley Sch. Dist., Pa 4341042-_Shaker Heights, Ohio (3 iss.).... 5


APR. 5 1913,1 THE CHRONICLE 1037Page. Name. Rate. Maturity.

{R893- -Sigourney Ind. S. D., Iowa_ _ _ 4% 1923

742- _Shelby County, Ky

967- -Springfield, Ohio (3 issues)_ _893__Stark County, Ohio (3 Issues). 5893.. ..Statesboro, Ga 5 1042__Suffolk County, N. Y 4% 1042_ _Suisin, Cal 5 1914-1933893.. _Sullivan Twp., Ohio 5 a1923967__Sulphur Springs, Ark 893__Sumas, Wash 71043.. ..Taft, Cal. (2 issues) 6 a1923742.. _Talbot County, Md 5 1914-1928742__Terrace Park, Ohio 51-i 1919-1923742__The Oak Run Twp. S. D., Ohio 5% 1919893__Tilden S. D. No. 80, Neb 742__Titusville, Fla 5 1941815__Topashaw Swamp L. D., Miss_ 6 1914-19431043 __Townsend Twp. S. D., Ohio 5 1917967__Tulsa, Okla. (3 issues) 5743_ _Union County, Ohio 5743_ _Union County Sch. Dist., Ore.. 5 d1923-1933816 Vineland, N. J 5 1918816.. ..Waco, Texas (3 issues) 5 1943743__Wakefield, Mass 4 a1918967__Wainut Sch. Dist., Iowa 5 967__Waltham, Mass 43i 1914-1933894„Washington Ga 5 a1942894- -Wayne County, Mich 4 a19211043__Wharton Co. Dr. D. 2, Tex _ _ 5 1914-1933894__Whitman Co. S. D. 59, Wash.. 5 d1923-1933968__Wichita Falls S. D., Texas.. _ _ 5 1953816__Yellowstone Co. S.D.33,Mont. 6 1933816_ _Yolo County, Cal 6895_ _Yonkers, N. Y. (2 issues) 4% 1913-1923968_ _Youngstown, Ohio (8 issues 5

Total bond sales for March 1913 (189 municipalitiescovering 254 separate issues) 1412,455,139

a Average date of maturity. d Subject to call in and after the earlieryear and mature in the latter year. k Not including $26,665,622 of tem-porary loans reported, and which do not belong in the list. z Taken bysinking fund as an investment. y And other considerations.

REVISED TOTALSIFOR PREVIOUS MONTHS.The following items, included in our total for February ,

should be eliminated from the same, as the sales have not beencarried to completion. We give the page number of theissue of our paper in which the reason for the failure to consummate the sale may be found.Page. Name. Amount954.. ..Asheville, No. Caro $30,000

1038.._Charlotte, Mich 6,0001043„Town District School District, W Va 50,000

We have also learned of the following additional sales forprevious months:Page. Name. Rate. Maturity. Amount. Price1038.. _BernalilloCo.S .D .No.5,N.M__ 6 d1923-1933 $2,400 95964__Colorado (January) 3 1,980,000 965_ _Glendale, Ore 6 d1922-1932 12,000 95965.. ..Lawrence, Nan. (2 sues)........is 5 1914-1923 79,805 100.557966_ _North Dakota (5 issues Jan.).. 67.500 100966_ _North Dakota (4 issues) 12,800 1001042__Spokane, Wash. (10 iss., Jan.) 6 51,973 1042_Spokane, Wash. (10 issues)___ 6 51,798 1043 Taylor County, Wis 4% 60,000

All the above sales (except as indicated) are for FebruaryThese additional February issues will make the total sale(not including temporary loans) for that month $28,187,576DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MARCH

Amount. Price.$1,000 10374,000 101.6115,000 37,520

185,000 101.8154.000 100.13855,000 101.3320,000 25,000 25,000 18.000 41.000 100.00230,000 102.272,500 102.1010,000 103.53620,000 29,000 9542,500 3,000 101.80

165.000 10010,900 100.18330,000 y100.535,000

245,000 10225,000 100.1430,000 10020,000 102.7130,000 10078,500 50,000 25,000 10050,000 100.212,000 100

340,000 100120,000 101.0721.445

Pa _Berlin, 04Tame. Rate. daturity.5

968....Dutton, Oat 969..-Maisonneuve, Qua 5 1953895_ _Maple Creek, Sask 5 1933-1943895_ -Montmarte, Sask 6 1914-1933969- -North Battleford (R. M. No.

347), Sack 51-i 1943744__Peel Co., Ont 5 1943

1044-_Pralriedale S. D. No. 2567,Sask 8895...Prince Edward Co., Oat 43 19331044 __Regina, Sask 5969_ _St. Hyacinthe, Qua 5 1953969.._Springside, Sask 8 1928

_969_ T O oronto, nt1044_ _Transcona, Man 61044 _Welland, Ont. (3 issues) 5895_ _Wetaskiwin, Alta 1044 __Wymer Sch. Dist., Sask 64 1923

Amount. Price.$30,000

8,346 700,000 17,500 85.801,500

15,000 30,000 97.836

200 10030,000 94.35

300,000 100,000

1,500 2.000,000 89.50

17,000 149,598 48,334 1.000 97.50

Total debentures sold in March $3,449,978

News Items.Colorado.-State Supreme Court Delivers Opinion Concern-

ing Iniitative and Referendum.-In a unamimous opinion de-livered by the State Supreme Court on February 28 inanswer to certain questions propounded to it by the StateSenate, it is held that the Legislature has the power torepeal initiative or referred measures adopted by the voters.At the last general election two "eight-hour' bills werefavorably voted upon, one a referred measure and the otherinitiated by petition. The laws differ in only two chiefrespects: one regarding the kinds of mining work that areto be termed dangerous and the other in regard to therepealing of other Acts. At the present session of theLegislature Senator Bellesfield introduced an eight-hourbill in the Assembly which provides for the repeal of the twolaws passed by the people and is in substance the referredlaw. The Senate passed his bill on second reading and thenadopted resolutions presented by the Senator asking theCourt to answer four specific questions concerning the situa-tion. According to the Denver "Republican", these ques-tions in substance were as follows:Was the eight-hour bill passed by the Eighteenth General Assembly andreferred to the people at tho last election an Act that could be referred tothe people?If the eight-hour referred bill was an Act that could be referred, couldthere legally be submitted to the people by initiative at the same electionanother measure containing a repealing clause that would repeal the

What was the legal effect of the adoption'by the people of both thereferred law and the initiated bill at the election? Did both measuresbecome law, or only one of them, and if only one of them, which one?

Is there any duty now devolving upon the General Assembly under theconstitutional provision which requires the Assembly to pass an eight-hourlaw for miners? Or, has the duty of the Assembly been fully performed?

The opinion of the Court is given below.We cannot express any opinion with respect to the validity of the referred

and initiated Acts, which, if either, is in force, or when they took effect, orwhat was the legal effect of the repealing clause in the initiated measure.for the reason that both purport to be completed legislation; that underthem rights may have arisen or attached which should not be determinedin purely ex-parte proceeding, and for the further reason that so far as thevalidity of legislation is involved in response to legislative questions it isconfined to proposed Acts, in order that unconstitutional legislation maybe avoided and cannot call for a construction of Acts already passed.The results which would follow any other rule demonstrates that the

validity of completed legislation cannot be made the subject of legislativeinquiry; otherwise this Court at the request of the legislative departmentcould be called upon to determine• the validity of any number of Actswhich have been upon the statute books for many years, and under whichrights, public and private, have attached.That we should not determine in any respect the validity of the referred

and initiated Acts, however, does not prevent us from furnishing the in-formation at least impliediy sought which will enable the Honorable Senateto clear the situation.The proposed Act (the Bellesfield Bill now pending before the Senate)

expressly repeals the Act of 1905 and also the one initiated and all otherActs in conflict therewith. There can be no question about the authorityto repeal the Act of 1905. The question regarding the power to repeal theinitiated Act turns upon a construction of the constitutional amendmentusually spoken of as "the initiative and referendum." That is: "Does thisprovision prevent the General Assembly from repealing an initiated Actor one which has been referred? 'We think not, for it expressly provides: "This section shall not be con-

strued to deprive the General Assembly of the right to enact any measure.This language is broad and comprehensive. An Act repealing an Act isa measure and as the General Assembly is not deprived of the right toenact any measure it clearly has the power to repeal any statute law,however adopted or passed.The next question is: "Can the General Assembly lawfully prevent the

proposed Act from being referred by the declaration contained in Section 6thereof?"To answer this, reference must again be had to the constitutional pro-

vision under consideration. It provides that the power reserved, desig-nated the "referendum", "may be ordered except as to laws necessary forthe immediate preservation of the public peace, health and safety."Whether a law is of this character is for the General Assembly to deter-

mine, and when it so determines, by declaration to that effect in the bodyof a proposed Act, we are of the opinion that such declaration is conclusiveupon all departments of government, and all parties. Such a declatationis a part of the Act and may be passed by majority required to pass an Act,and is in no sense an emergency clause as contemplated by Article 5, Sec-tion 19.The tribunal holds that the query as to whether or not the Assembly1 as

performed the duties imposed upon it by the constitution is one solely tobe determined by the Assembly itself and is outside of the province of thetribunal. In this regard the Court takes occasion to say that none of thedepartments of government can call to account any other department fcraction of that department within its own province.

Donaldsonville, Ascension Parish, La.-CommissionForm of Government Adopted.-An election held Mar. 25 re-suited in favor of the question of establishing a commissionform of government (V. 96, p. 889). The Vote, it is stated,was 151 to 88.Flood Situation Improved.-The past week witnessed

considerable improvement in the situation arising fromthe floods in the Ohio Valley. Railroad service has beenpractically restored and reconstruction work is beingpushed vigorously. Original estimates of losses have beengreatly reduced and insurance experts now appraise theproperty damage in the States of Ohio, Indiana and Ken-tucky at between 40 and 50 millions. In discussing thefloods last week (V. 96, p. 963), we neglected to mentionthat Governor Cox of Ohio on March 27 had declared thefollowing 10 days legal holidays through out the flood dis-trict to take care of notes and negotiable paper falling dueuntil the banks could do business (see item in our bankingnews on a preceding page).With a recession of the waters in the Ohio Valley a threaten-

ing situation has developed in the Mississippi Valley, thewaters having already. covered lowland towns in Illinois,Kentucky and Missouri. A newspaper despatch from NewOrleans saysIthat the entire Mississippi levee system fromVicksburg south is to be made two feet higher than the recordof the flood last year. It is expected the work will be com-pleted before the crest of the Ohio River flood reaches thelower Mississippi Valley.

Horsefly Irrigation District (P. 0. Bonanza),KlamathCounty., Ore.-Bonds Declared Valid.-On March 25 JudgeBenson in the Circuit Court declared valid the election heldNov. 6 1912 which resulted in favor of the issuance of $785,-000 bonds (V. 96, p. 301.).

Massachusetts.-Amendment to Savings Bank InvestmentLaw.-Chapter 291, Acts of 1913, approved Mar. 14, amendsSection 68 of Chapter 590, Acts of 1908, so as toTprovidethat bonds of certain Massachusetts railroads, street rail-ways or telephone companies which are now legal invest-ments shall not be rendered illegal by reason of a temporaryfailure to meet dividend requirements. The Act has refer-ence to the Boston & Maine situation. The Act in full fol-lows:

ll"[Chapter7291.!AN ACT RELATIVE TO INVESTMENTS OF SAVINGS BANKS AND

INSTITUTIONS FOR SAVINGS.Be it enacted, etc., as follows:Section 68 of Chapter 590 of the Acts of the year 1908 as amended s

hereby further amended by inserting after Clause 13 thereof the following:Bonds Not to Become Illegal by Reason of Temporary Failure to Meet Legal

Requirements.14th. Bonds which at any time hereafter have been for ten successive

years legal investments under the provisions of subdivisions a, b, c or d ofClause 3, Clause 5 or Clause 6 of this section shall not be rendered illegalalthough the corporation issuing, assuming or guaranteeing such bonds shallfail for a period not exceeding two successive years to comply, as to divi-dends on its capital stock, with the requirements of the clauses specifiedabove; but no further investment in the bonds issued, assumed or guaran-teed by such corporation shall be made during said period. If after theexpiration of said period, such corporation complies for the following fiscalyear with the r uirements of the clauses s ecified above. it shall be regardedreferred Act? In other words, was it legal to submit at tho election an as having comp ed therewith during sal period. provided that it shall notinitiated bill which would repeal the referred measure and what was the I have so failed to comply during any other period within the next precedinglegal effect, if any, of the repealing clause in the initiatedimeasure? • ten years. [Approved Mar. 14 1913.1


i OS THE CHRONICLE [VOL. xcvi.

Millville, N. J.-Commission Form of Government Ap-proved.-Local papers state that the question of establishinga commission form of government carried by a vote of 877to 439 at the election held April 1.New Jersey.-Legislature Adjourns-Special Session.-

The regular 1912 session of the New Jersey Legislatureended April 3. Governor Fielder has announced that hewill call a special session to convene May 1 for the pur-pose of passing measures to redeem platform pledges,particularly that of jury reform. A bill for jury reformwithout a referendum is desired by President Wilson, andwhile both branches of the Legislature declared themselves infavor of jury reform, they disagreed on the referendum feature.

Racine, Wis.-Commission Form of Government Rejected.-Local papers state that the question of establishing the com-mission form of government failed to carry at the electionheld April 1 (V. 96, p. 503).Raleigh, No. Caro.-Commission Form of Governman

Adopted.-Reports state that a favorable vote was cast ontApril 1 on the question of adopting a commission form of gov-ernment (V. 96, p. 810).

Tennessee.-Supreme Court Holds That State CannotExempt Bonds From Taxation.-In a majority opinion de-livered by Associate Judge Williams, the State SupremeCourt holds unconstitutional that provision of the refundingbond bill recently passed by the Legislature which exemptsthe bonds from taxation. This reverses the ruling of Chan-cellor Allison, which was referred to in V. 96, p. 810. Asso-ciate Justices Lansden and Greene dissented from the majorityopinion of the Court.

Tulare, Cal.-Voters Authorize Purchase of Water Plant:-The proposition to purchase the plant of the Tulare CityWater Co. for $44,000 carried an Mar. 10 by a vote of 379 to67. The directors of the water company met Apr. 3 to pro-vide for making the transfer to the city.Wheeling, W. Va.-Commission Form of Government De-

feated.-The election held March 25 resulted in the defeat ofthe question of accepting an Act recently passed by theLegislature providing for a new city charter embodying thecommission plan of government, recall, initiative and refer-endum (V. 96, p. 890). The vote, according to reports,was 2,563 "for" and 5,416 "against."

Bond Proposals and Negotiations this weekhave been as follows:ADRIAN SCHOOL DISTRICT (P. 0. Adrian), Grant County,

Wash.-BONDS VOTED.-It is reported that the issuance of $10,000 schoolconstr. bonds was voted at the election held Mar. 22.AKRON, Ohio.-BONDS VOTED.-The election held April 1 resulted

in favor of the question of issuing the $1,250,000 water works bonds (V. 96,p. 581). The vote was 5,330 to 836. The bonds will be offered aboutJune 1.AKRON CITY SCHOOL DISTRICT, Ohio.-BOND OFFERING.-

Proposals will be received until 2 p. m. Apr. 15 by J. F. Barnhart, ClerkBd. of Ed., for $25,000 4% % school-equip. and constr. bonds. Auth.Secs. 7625, 7629 and 7630, Gen. Code. Denom. $1,000. Date Apr. 151913. Int. A. & 0. at office of Treas. of Bd. of Ed. Due $5,000 yriy.on Apr. 15 from 1933 to 1935 incl. and $10,000 on Apr. 15 1936.ALBANY COUNTY (P. 0. Albany), N. Y.-BOND SALE.-On

Mar. 31 the $100,000 4y, % 22-year court-house-construction bonds (V. 96p. 890) were awarded at par as follows: $36,000 to the Albany CountySavings Bank, Albany; $14,000 to the N. Y. State Nat. Bank, Albany,and $50,000 to Horace S. Bell, Albany. Both the N. Y. State Nat. Bankand Horace S. Bell bid par for the whole issue.ALBION, Orleans County, N. Y.-BOND SALE.-On Mar. 24 the

$150.000 12-yr. (ay.) coup. sewer bonds (V. 96, p. 811) were awarded toSpitzer, Rorick & Co. of New York at 100.10 and blank bonds for 4.65s.ALLENHURST, Monmouth County, N. J.-BOND OFFERING.-

Proposals will be received until 12 m. Apr. 12, reports state, by G. B. Cade,Boro. Clerk, for $20,000 5% 30-yr. beach-impt. bonds. Int. semi-ann.ALLENTOWN, Lehigh County, Pa.-BOND SALE.-On Mar. 11

the $55,000 4% 5-30-year (opt.) impt. bonds (V. 06, p. 739) were sold, it isstated, to local investors.ALLIANCE, Stark County, Ohio.-BOND ELECTION.-An election

will be held Sept. 2 to submit to a vote the question of issuing $60,090hospital site-purchase and construction bonds.ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Box Butte

County, Neb.-BOND OFFERING.-Proposals will be received until12 m. May 1 for the $22,000 5% 20-year coupon building bonds authorizedby vote of 418 to 15 at the election held Feb. 18 (V. 96, p. 664). Denom.$1,000. Date July 1 1913. Int. J. & J. at the fiscal agency of the Stateof Nebraska in New Yo-k. D. W. Hughs is Sec. Board of Education.AMERICUS, Sumter County, Ga.-BONDS VOTED.-According to

local newspapers, the question of issuing the $35,000 school-impt. bonds(V. 96, p. 963) carried at an election held March 31.ANSONIA, New Haven County, Conn.-BOND SALE.-On Mar. 29

the $99,000 434% gold coupon bridge bonds (V. 97, p. 664) were awardedto A. B. Leach & Co. of N. Y. at 101.11 and int. Other bids follow:

(Spitzer, Rorick & Co., N. Y_100.697 Harris, Forbes & Co., N. Y_ _100.052Estabrook & Co., Hartford_ _100.127 Say. Bk. of Ansonia, Ansonia*100.00Merrill, Oldham & Co., Bos_100.089 Hincks Bros. & Co., Bridge-Hayden,Stone&Co.,Newilay.100.070 port 96.25

* With privileged conditions to c ty.ASCENSION PARISH (P.O. Donaldsonville), La.-BONDS VOTED.

-According to local papers, the quest. of issuing 335,000 5% gravel-road-construction bonds carried at the election held Mar. 25. Int. semi-annual,Due in not exceeding 20 years.ATHENS, Clarke County, Ga.-BONDS VOTED.-The questions of

issuing the $100,000 school and $75,000 street-impt. 414% 30-year bonds(V. 96, p. 890) carried at the election held Mar. 25. The vote was 867 to69 and 853 to 78, respectively.BAGLEY SCHOOL DISTRICT (P. 0. Bagley), Guthrie County,

I ow a.-LONDS VOTED.-The proposition to issue the $18,000 5% school-bldg. bonds (V. 96, p. 964) carried at the election held March 29 by a voteof 142 to 41.BAKER, Baker County, Ore.-BOND SALE.-On Mar. 24 the

$8,826 36 5% 20-year street-impt. bonds (V. 96, p. 811) were awarded tothe city for $8,926 36-making the price 101.132. Other bids follow.•Baker L. & Tr. Co., Baker_$8,956 36 Weil, Roth & hic_ _ _$8,932 36

-First Nat. Bank, Baker__ 8,976 36 Wm. E. Sweet,

Co.,denver___ 8,926 36

Denom. $1,000. Date Mar. 1 1913. Int. M. & S.BARBERTON, Summit County, Ohio.-BOND OFFERING.-In

addition to the $39,700 5% Storm Sewer District No.3 (assessment) bondsto be offered for sale on April 14 (V. 96, p. 890), an issue of $3,800 5%Storm Sewer District No. 3 (city's portion) bonds will also be offered on

that day. Denom. (7) $600, (1) $300. Date Mar. 1 1913. Int. M. & S. Due$500 yearly on Mar. 1 from 1914 to 1920 incl. and $300 on Mar. 11921. Certified check for $200, payable to City Treasurer, required.Bonds to be delivered and paid for within 10 days from time of award.Purchaser to pay accrued interest. The city will furnish all blank bonds.G. Davis is City Auditor.BEARDSLEY SCHOOL DISTRICT, Kern County, Cal.-BOND

OFFERING.-Proposals will be received until 11 a. m. April 10, it is stated.by I. L. Miller Co. Clerk (P. 0. Bakersfield), for $20,000 6% 2-11-yr.(ser.) school bonds. Int. semi-ann. Cert. check for 10% required.BENKELMAN, Dundy County, Neb.-BONDS VOTED.-Reports

state, that the propositions to issue $20,000 water and $5,000 Electric lightbonds carried at a recent election. The vote was 95 to 44 and 97 to 41respectively.BERLIN HEIGHTS SCHOOL DISTRICT (P. 0. Berlin Heights),.

Erie County, Ohio.-BOND SALE.-The following bids were receivedon Mar. 29 for the $12,000 5% 1234-year (avge.) high-school-buildingbonds offered on that day (V. 96, p. 890):Sidney Spitzer & Co., Tol_ _ _$12,204 I Spitzer, Bolick & Co., Tol_ _$12,062'Hoehier & Cummings, Tol__ 12,151 Citizens' Banking Co., Ber-Terry, Briggs & Slayton,Tol- 12.123 lin Heights 12,000,BERNALILLO COUNTY SCHOOL DISTRICT NO, 5, N. Mex.-

DESCRIPTION OF BONDS.-The $2,400 6% 10-20-year (opt.) buildingbonds, awarded on Feb. 28 to Wm. E. Sweet & Co. of Denver at 95 and int.(V. 96. p. 890) are in the denom. of $400 each and dated Jan. 2 1913.Int. J. & J.BILLINGS, Mont.-BONDS VOTED.-An election held Mar. 25 re-

sulted in favor of the proposition to issue $575,000 5% municipal water-plant-construction bonds

(V. 96, p. 221). The vote was 507 to 66. Due

20 years, subject to call $100,000 in 5 years, $200,000 in 10 years, $275,000in 15 years.BISBEE HIGH SCHOOL DISTRICT NO.2, Cochise County, Ariz.-

BIDS.-The other bids received on Mar. 15 for the $80,000 534% 3-10-year(serial) coupon high-school-building bonds awarded on that day, 340,000to the Bank of Bisbee and $40,000 to the Miners' & Merchants' Bank ofBisbee at 102.715 and int. (V. 96,p. 964), were:Hoehler & Cununings,Tol.$80,617 50 !John Nuveen & Co.,Chic_880,576 00Farson, Son & Co., Chic__ 80,601 001BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND

OFFERING.-Proposals will be received until 12 in. April 7, reports state,by G. H. Newbauer, County Treas., for $4,300 Casterline and $4,200Bugh No. 2 Washington Township 434 % road bonds. Int. A. & 0.BLANCHESTER, Clinton County, Ohio.-BOND SALE.-We are

advised by the VII Treas. that the $2,500 4% 14-yr. armory bonds offeredwithout success on May 6 1912 (V. 96, p. 150) were awarded on Aug. 271912 to local parties at 101.778.BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington), Mc.

Lean County, Ill.-BONDS VOTED.-According to local newspaper re-ports, the proposition to issue $250,000 high-school-constr. bonds carriedat a recent election by a vote of 1304 to 1122.BONHAM, Fannin County, Tex.-BOND ELECTION.-An election

will be held April 8, reports state, to decide whether or not this city shallissue $75,000 high-school-constr., $6,500 crematory and $3,000 fire-appa-ratus bonds.BOULDER, Boulder County, Colo.-BOND ELECTION.-The

proposition to issue $70,000 municipal lighting plant bonds will be sub-mitted to the voters at the April election, according to reports.BRAWLEY, Imperial County, Cal.-BONDS NOT SOLD.-No bids

were received on Mar. 21 for the $15,000 5 % city-hall bonds offered onthat day.BRAZORIA COUNTY (P. 0. Angleton), Tex.-BONDS REGIS-

TERED.-An issue of $47,000 5% Drainage District No. 9 bonds wasregistered by the State Comptroller on Feb. 24.BRISTOL COUNTY (P. 0. Taunton), Mass.-BONDS NOT SOLD.

-No bids were received on April 1, it is stated, for the $30,000 4% 3-yr.p(a.v9e6r4.).)Independent Agricultural School bonds offered on that day (V. 96.

BRISTOW INDEPENDENT SCHOOL DISTRICT (P. ,O. Bristow),Butler County, Iowa.-BONDS DEFEATED.-The question of issuingthe $15,000 school-constr. bonds failed to carry at the election held March 10(V. 96, p. 581. The vote was 84 "for" and 90 "against."

BRYAN COUNTY (P. 0. Durant), Okla.-BOND ELECTION PRO-POSED.-A petition is being circulated, reports state, asking an electionto vote on the proposition to issue court-house and jail-construction bonds.BUFFALO, N. Y.-BONDS AUTHORIZED.-Ordlnances were re-

cently passed providing for the issuance of the following 43i % bonds:$145,200 water-works refunding bonds. Due May 1 1938.

75,000 Buffalo & Jamestown RR. refunding bonds. Duo $3,750 yearlyon May 1 from 1914 to 1933 inclusive.

Date May 1 1913. Int. M. & N. at Hanover Nat, Bank, New YorkCity, or at office of City Comptroller.

Local papers state that the Council on March 19 authorized the issuanceof $100,000 Playground-improvement, $500,000 public-bidgs. and $500,000water-main-extension bonds.BOND SALE.-The following 4% bonds, aggregating $31,094 23, were

disposed of at par during the month of March to the Comptroller for thecity's various sinking fundsAmount. Purpose-Due.

Mar. Purpose-Date.

Mar. 1 1938$13,700 00 Water refunding 7,394 23 Monthly local work Mar. 15 1913 Mar. 15 191410,000 00 Certificates of indebtedness_ __ _Mar. 15 1913 July 1 1914

CALIFORNIA.-BOND OFFERING.-E. D. Roberts, State Treas.,will, reports state, offer at auction on Apr. 17, at Sacramento, $800,0004% State road bonds. Due 1925-1926.

CAMBRIDGE SPRINGS, Crawford County, Pa.-BOND SALE.-On Mar. 24 $15,000 434 % bonds were awarded to the First Nat. Bank ofCambridge Spgs. at par. Denotn. $500. 1)ate April 11913. Int. A.& 0.CANADIAN, Hemphill County, Tex.-BONDS REGISTERED.-On

March 20 the State Comptroller registered the $27,000 water-works and$4,000 sewer 5% 20-40-year (opt.) bonds awarded to J. H. Wood at paron Feb. 15 (V. 96. p. 581).CASTANA SCHOOL DISTRICT (P. 0. Castana), Monoma County,

Iowa.-BOND ELECTION.-An election will be held April 25 to vote onthe question of issuing $2.000 school bonds.CASTLEWOOD, Hamlin County, So. Dak.-BOND ELECTION

PROPOSED.-Reports state that an election will probably be held shortlyto vote on the proposition tp issue water-works-construction bonds.

CHARLESTON INDEPENDENT SCHOOL DISTRICT (P. 0.Charleston), Kanawha County, W. Va.-BOND OFFERING.-Pro-posals will be received until 8 p. m. April 8 by W. 0. Daum, Sec., for the$300,000 5%,_ 25-34-year (opt.) coupon site-purchase and building bondsvoted Dec. 17 (V. 95,p. 1761). Denom. $1,000. Date Jan. 11913. Int.J. & J. at the County Sheriff's office in Charleston. Ceritfied check for$3.000, payable to Board of Education, required. Bonds to be deliveredand paid for within 10 days from day of sale. Purchaser to pay accruedInterest. Official circular states that there is no litigation pending orthreatened affecting in any manner this issue of bonds, and that no previousIssues have been contested.CHARLOTTE, Eaton County, Mich.-BONDS REFUSED.-RE-

AWARDED IN PART.-We see it stated that John Nuveen & Co. ofChicago refused the $6,000 street-impt. bonds awarded to them on Feb. 10.(V• 96, P. 581), on account of an irregularity found in the election notice.A new issue has been authorized and of this $1,000 has already been takenby local parties.CHARLOTTE, Mecklenburg County, No. Caro.-BOND ELEC-

TION.-An election will be held May 6, reports state, to vote on thequestions of issuing $100,000 paving and $50.000 South School constr. bonds.

CHICAGO, 111.-BONDS VOTED.-The election held April 1 resultedin favor of the question of issuing the $2,880,000 4% general corporatebonds (V. 96, p. 891). Date July 1 1913. Int. J. & J. Due $160,000yearly Jan. 1 from 1916 to 1933 incl. The Comptroller states that whileno immediate offering of these bonds is contemplated they will probablybe sold before July 1. The vote is reported as 121,202 to 118,883.

CLAIBORNE COUNTY (P. 0. Fort Gibson), Miss.-BOND OFFER-/NO.-Proposals will be received until 2 p. April 7, it is stated, by B. H.


A.PR. 5 3.j. THE CHRONICLE 1039Morehead, Co. Clerk. for $25,000 general refunding and $25,000 road-inpt.5% 20-yr. bonds.CLARENDON INDEPENDENT SCHOOL DISTRICT (P. 0. Claren-don), Douley County, Tex.-BONDS REGISTERED.-The State Comp-troller on Mar.28 registered the $25,000 5% school-bldg. bonds offered forsale on Apr. 1 (V. 96, p. 582).CLARKE COUNTY (P. 0. Vancouver), Wash.-BOND ELECTIONPROPOSED.-Reports state that an election will be held shortly to submitto a vote the question of issuing $500,000 4% 15-30-yr. (opt) (county'sshare) Pacific highway bridge bonds.CLARKS SCHOOL DISTRICT (P. 0. Clarks), Merrick County,Neb.-BONDS DEFEATED.-The proposition to issue $16,000 buildingbonds were defeated at an election held recently.CLAYTON, Lenawee County, Mich.-BOND SALE.-On Mar. 17$2,600 5% electric-light-plant bonds were awarded to private "parties atpar. Denom. (1) $200, (8) $300. Date Mar. 17 1913. Int. annuallyon Mar. 17. Due $200 Mar. 17 1914 and $300 yearly Mar. 17 from 1915to 1922, inclusive.CLAY TOWNSHIP SCHOOL DISTRICT (P. 0. Portsmouth),Scioto County, Ohio.-BONDS VOTED.-According to reports, thistownship voted in favor of the proposition to issue $18,000 school bonds.The vote was 89 to 88.CLEAR LAKE, Deuel County, So. Dak.-BOND ELECTION.-Anelec`ion will be held April 15 to vote on the question of issuing $10,000 5%5-20-year (opt.) building bonds.CLEVELAND, Ohio.-BOND SALE.-No bids were received on Mar. 27for the five issues of 4% % coupon refunding bonds aggregating 3855,000,offered on that day (V. 96, p. 6651. It is stated, however, that the bondswill be taken over by the City Sinking Fund Commission.BONDS NOT SOLD.-Reports state that no bids were received on March28th for $500,000 tax-free light-plant bonds offered on that day. Theseare not new securities but bonds purchased by the Sinking Fund Commis-sion on Sept. 6 1912. They are part of the issue of $2,000,000 voted inNovember 1912.

CLINTON, Rock County, Wis.-BOND ELECTION.-An electionwill be held April 24 to submit to a vote the proposition to issue $8,000city-hall bonds.COLFAX COUNTY SCHOOL DISTRICT NO. 58 (P. 0. Clarkson),Neb.-BOND OFFERING.-Proposals will be received until 8 P. m•Apr. 16 by Jos. Krahulik, Director, for $24,500 5% school bonds. DateMay 1 1913. Due 20 yrs., with option of paying $500 or any multiplethereof after 5 yrs. Cert. check for 5% of bonds bid for, payable to Direc-tor, required. Bonds to be paid for May 1.CLOVIS, Fresno County, Cal.-BONDS VOTED.-Propositions toIssue sewer and water bonds carried, reports state, at the election heldMar. 25. The vote was 189 to 89 and 182 to 89, respectively.COLORADO COUNTY (P. 0. Columbus), Tex.-BONDS DE-FEATED.-According to local papers, the proposition to issue the $100,000road-impt. bonds (V. 96. p. 665) was defeated at the election held in EagleLake Justice Precinct on Mar. 26 by a vote of 190 "for" to 132 "against,"a two-thirds majority being necessary to carry.COLUMBUS, Muscogee County, Gi.-BOND EGE^TIOV.-An elec-tion will be held June 7 to vote on the question of issuing $40,000 5% addi-tional lower-bridge bonds. Due $4,000 yearly in Oct. from 1914 to1923 inclusive.BOND ELECTION PROPOSED.-An election will also be held, accordingto reports, to submit to a vote the proposition to issue $60,000 5% hospital-site-purchase-construe, and equip bonds.COTTONWOOD ,Idaho County Idaho.-NO ACTION YET TAKEN-We are advised by the Clerk that no action has yet been taken lookingtowards the issuance of paving bonis.COUDERSPORT, Potter County, Pa.-BOND ELECTION PRO-POSED.-An election will be held to vote on the proposition to issue $45,-000 water-system bonds. We are advised, however, that the date has notyet been determined.CRAFTON SCHOOL DISTRICT (P. 0. Crafton), AlleghenyCounty, Pa.-BIDS.-The other bids received on March 26 for the $110,-000 4 3% tax-free high-school bldg. bonds awarded on that day to the Dol-lar Savings Bank of Pittsburgh for $113,042 (102.765) and int. (V. 96, p.964) were:

Western Reserve Investment Co., Cleveland $111,777 77J. S. & W. S. Kuhn, Inc., Pittsburgh 110,856 90Mellon National Bank, Pittsburgh 110,503 88CRETE, Saline County, Neb.-BID REJECTED.-Only one bid wasreceived on March 25 for the $19,000 5% 5-20-yr. (opt.) water bonds of-fered on that day (V. 96, p. 891), this being rejected.CROSBY COUNTY COMMON SCHOOL DISTRICT NO. 5 (P. 0.Crosbyton), Tex.-BONDS REGISTERED .-On Mar. 10 33.500 5% 20-yr.school bonds were registered by the State Comptroller.CUYAHOGA COUNTY (P. 0. Cleveland), °Mo.-BONDS NOTSOLD.-No bids were received on Mar. 26 for the two issues of 44 %coupon road-impt. bonds, aggregating $39,095, offered on that day (V. 96,p. 739). We are advised that the bonds will be re-advertised.DAVIE COUNTY (P. 0. Mocksville), No. Car.-BOND ELECTION.-Local papers state that an election will be held April 24 to vote on theproposition to issue $175,000 road bonds.DAWSON COUNTY COMMON SCHOOL DISTRICT NO. 11, 'Tex.-BONDS REGISTERED.-The State Comptroller registered on Mar. 10$2,000 5% 10-20-yr. (opt.) school-bldg. bonds.DEER WOOD, Crow Wing County, Minn.-BONDS VOTED.-Thequestion of issuing the $15,000 5% water-works bonds (V. 96, p. 891) car-ried at the election held Mar. 26 by a vote of 101 to 53. Due $3,000 yrly.from 1928 to 1932 incl.B9NDS DEFEATED.-At the same election the proposition to issue the$10,000 sewer bonds (V. 96, p. 891) was defeated by a vote of 85 "for" to59 "against." A five-eighths majority was necessary to carry.DELTA, Delta County, Colo.-BONDS DEFEATED.-A propositionto issue $45,000 electric-light bonds was, according to reports, defeated atan election hold In this city on March 4.DENVER, Colo.-BIDS.-The other bids received on Mar. 18 for the$44,000 6% 13-yr. Impt. Dist. bonds awarded on that day to Wm. E.Sweet & Co. of Denver for $44,726 (101.64) (V.96, p.965) were:James N. Wright & Co. $44,686 Wilson, Granmer & Co

44,495 Edwin M. Bosworth & Co.._ _$4444,44462Inter-State Trust Co 5Hibernia Bank & Trust Co 44,495 International Trust Co

44.480 44,330Federal National Bank BOND ELECTION PROPOSED.-Reports state that an election will beheld in May to vote on the issuance of $200,000 bonds for taking over andoperating the Union Pacific Blake Street tracks.

DETROIT, Mich.-BONDS AWARDED IN PAkTjf t ts7aIrsof 4% 30-yr. coup. or reg. tax-free bonds aggregating $400,000, offered onApr. 1 (V. 96, jo. 965), $24,000 have been purchased by private parties atpar and int. We are advised that the balance of the bonds will be sold overthe:counter at par and int.

DIVIDE COUNTY (P. 0. Crosby), No. Dak.-BOND OFFERING.-Proposals will be received until 2 p. in. Apr. 7 by W. E. Vadnals, CountyAud.'

for $18,500 5-yr. coup. or reg. refunding bonds. Auth. Art. 21,Chap. 28, Codes of 1905. Denom. $500. Date Apr. 7 1913. Cert. checkfor 3500, payable to County Auditor, required.DODGE CITY SCHOOL DISTRICT (P. 0. Dodge City), Ford Coun-ty, Kan.-BOND ELECTION PROPOSED.-An election will be held, it isstated, to vote on the question of issuing school-building-site purchase bds.DODGE INDEPENDENT SCHOOL DISTRICT (P. 0. Dodge),Walker C minty, Tex.-BONDS REHSTERED.-An issue of $2,500 5%5-10-year (opt.) school-bldg. bonds was registered by the State Comp-troller on March 10.DONIPHAN SCHOOL DISTRICT (P. 0. Doniphan), RipleyCour ty, MO.-BONDS VOTED.-At a recent election, reports state,325,00 ) high school constr. bonds carried.DONO"A, Wrshirgton County, Pa.-BOND SALE.-The Western12c-serve In ent Co. of Cleveland has been awarded an issue of $75,000% tax-free improvement bonds.

DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,Minn.-NO ACTION YET TAKEN.-We are advised by the Clerk of theBd. of Ed., under date of Mar. 31, that no action has yet been taken look-ing towards the issuance of the $200,000 % 20-30-yr. (opt.) gold coup.school-bldg. bonds voted Feb. 1 (V. 96, p. 504).EAU CLAIRE, Eau Claire County Wis.-BONDS VOTED.-Theproposition to issue $75,000 Chippewa River bridge constr. bonds carriedat the election held Mar. 25.ELLSWORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Ells-worth), Hamilton County, Iowa.-BOND ELECTION PROPOSED.-According to newspaper reports, an election will be held in the near futureto vote on the question of issuing $15,000 school-constr. bonds.ELMORE, Ottawa County, Ohio.-BOND SALE.-On April 1 the$25,000 5% 1134-year (aver.) coupon water-works purchase bonds (V. 96.p. 665) were awarded to the First Nat. Bank. Elmore. at 100.64 and int.EPWORTH, Dubuque County, Iowa.-BOND SALE.-Reports statethat $10,000 534% coup. water-works-plant-constr. bonds have beenawarded to Geo. M. Bechtel & Co. of Davenport. Denom. $500. DateApr. 1 1913. Int. J. & J.ESCAMBIA COUNTY (P. 0. Pensacola), Fla.-BOND OFFERING.-According to reports, proposals will be received until 10 a. m. April 29 byJames MacGibbon, Clerk Bd. of Commrs., for $101,500 434 % bonds.EUREKA, Lincoln County, Mont.-BOND ELECTION.-On April 7,reports state, an election will be held to submit to the voters the proposi-tion to issue $7,000 sanitary-storm-sewer-system-constr. bonds.EVERETT, Snohomish County, Wash.-BOND SALE.-On Mar. 15$1,976 62 1-5-yr. (opt.) Local-Impt. Dist. No. 269 and $1,548 03 1-10-yr.(opt.) Local Impt. Dist. No. 2767% bonds were awarded to the Citizens'Bank & Trust Co. of Everett for $3 ,660-making the price 103.84. Denom.$100. Date Mar. 22 1913. Int. ann. on March 22.FAIRFIELD TOWNSHIP (P. 0. North Fairfield), Huron County.Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Apr. 26.by F. H. Rumsey, Twp. Clerk, for $25,000 of an issue of $40,000 5% coup.road-impt. bonds voted Mar. 15 1913. Auth. Secs. 7033 to 7052 incl., Gen.Code. Denom. $500. Date Apr. 1 1913. Int. A. & 0. at No. FairfieldSays. Bank, No. Fairfield. Due $500 on Apr. 1 and Oct. 1 1914 and

$1,000 each six months from Apr. 1 1915 to Oct. 1 1926 incl. An uncondi-tional cert. check on a bank other than the one making the bid, for 5%of bonds bid for, required. Bonds to be delivered and paid for within 10days from time of award. Purchaser to pay accrued int.FALL RIVER, Mass.-BOND SALE.-On April I the $60,000 434%1554-year (avge.) special sewer bonds (V. 96, p. 965) were awarded toR. L. Day & Co. of Boston at 101.349 and int. Other bids were:Blodget & Co., Boston 100.728 !Blake Bros. & Co., Boston100.14Interest A. & 0.FARRAGUT, Fremont County, Iowa.-BONDS DEFEATED.-Papers state that a proposition to issue $8,000 water-works bonds failedto meet the approval of the voters at an election held on March 5. Thevote is given as 144 to 81-a two-thirds majority being necessary to carry.FARRELL, Mercer County, Pa.-BOND ELECTION.-The questionof issuing $125,000 434 % 30-yr. water bonds will be submitted to a voteon April 8.FENNVILLE, Allegan County, Mich.-BONDS VOTED.-The ques-tion of issuing $11,606 water-works-constr. bonds (V. 96, P. 740) carried.reports state, at an election held recently.FENTON, Genesee County, Mich.-BONDS DEFEATED.-Theproposition to issue $25,000 light-plant bonds (V. 96, p. 582) was defeatedat an election held recently.FLINT, Genesee County, Mich.-BOND OFFERING.-Proposals willbe received until 3 p.m. Apr. 10, by D. E. Newcombe, City Clerk, for $25,-000 434% general obligation bonds. Int. ann. Due $1,000 yrly. from 1to 25 yrs. incl. Cert. check for 5% of bonds bid for required.RESULT OF BOND ELECTION.-An election held March 20 resultedas follows:

Bonds Voted.

$120,05593,17540,91825,000

$4,75019,000

Pavements Sewers Graveling Willson Park

Bonds Defeated.Dort Park Fair Grounds Park

For. Against.1,482 7251,694 4761,572 5901,095 1.051

853 1,265857 1,288

FORSYTH, Taney County, Mo.-BOND ELECTION PROPOSED.-An election will be held in the near future, it is stated, to decide whetherthis place shall issue between $7,000 and $10,000 electric-light and water-plant-constr. bonds.FORSYTH COUNTY (P. 0. Winston-Salem), No. Caro.-BONDSALE.-On Mar. 6 3150,000 5% funding bonds were awarded to the Se-curity Trust Co. of Spartanburg, S. C., at 102.69-a basis of about 4.79%.Other bids follow:

Wachovia Bk. & Tr. Co., I Terry. Briggs & Slaton, Tol_$153,045• Winston $153,751 Baker, Watts & Co., Balto_ 152,725Merch. Nat. Bank, Winst'n 153,705 A. J. Hood & Co., Detroit__ 152,019W. N. Coler & Co., N. Y.__ 153,300 John Nuveen & Co., Chicago 151,827R. M. Grant & Co., N. Y 153,162 V W

eople's Nat. Bk., Winston 151,825Seasongood & Mayer, Cinc_ 153,111 N. . Halsey & Co., N.Y.. _150,865Denom. $1,000. Date Apr. 1 191 . Int. J. & J. in New York. Due$50.000 Jan. 11923, 1933 and 1943.FORT LARAMIE, Shelby County, Ohio.-BONDS DEFEATED.-

At an election held Mar. 3 the proposition to issue $10,000 public-hall-bldg.and site-purchase bonds (V. 96, p. 376) was defeated. The vote was 60"for" to 42 "against"-a two-thirds majority being necessary.FRANKLIN VILLE, Cattaragus County, N. Y.-BONDS DE-FEATED.-The. question of issuing water plant bonds failed to carryat an election held March 18. the vote being 25 "for" to 234 "against.'FREbIONT, Dodge County, Neb.-BONDS VOTED.-Reports statethat the proposition to issue the $40,000 5% 20-yr. paving bonds (V. 96. p.965) carried at the election held Apr. 1.FREMONT, Sandusky County, Ohio.-BONDS A UTHORIZED.-Anordinance was pa.ssed Feb. 18 providing for the issuance of $40,000 coup.West State Street impt. (city's portion) bonds at not exceeding 5% int.Denom. $500. Date May 15 1913. Int. A. & 0. Due $2,000 each sixmonths from Oct. 1 1915 to Apr. 1 1925 tad.FRIO COUNTY (P. 0. Pearsall), Tex.-BONDS REGISTERED.-OnFob. 28 the State Comp. registered the $80,000 5% 10-40-yr. (opt.) roadbonds sold to J. R. Sutherlin & Co. at 100.25 and int. (V. 96, p. 740).FULTON, Fulton County, Ky.-BOND SALE.-The City Clerk ad-vises us that the $26,221 6% street-hupt. bonds offered without successon Feb. 3 (V. 96, p. 432) have been awarded privately to the KatterjalmCon. Co. of Paducah at par and hit.GENEVA, Ashtabula County, Ohio.-BOND SALE.-On Mar. 27the six ssues of 5% coup. street-impt. bonds, aggregating 520.430 (V. 96.p. 812), were awarded, it is stated, to Tillotson & Wolcott Co. of Clevelandas follows

$12,000 Walnut St. paving (assess.) bonds at 101.39 and int.1,500 Walnut St. paving (village's portion) bonds at 101.88.2,200 Chestnut St. sanitary-sewer-constr. (assess.) bonds at par and int.1,200 Eastwood St. sanitary-sewer-constr. (assess.) bonds at 100.27.900 Vine St. sanitary-sewer-constr. (assess.) bonds at par.2,630 SanItary-sewer-constr. (village's portion) bonds for $2,634 74-making the price 100.172.GEORGETOWN, Copiah County, Miss.-BOND ELECTION PRO-POSED.-According to reports the question of voting on the issuance of$7,500 water-works-constr. bonds is being discussed.GIRARD SCHOOL DISTRICT (P. 0. Girard), Trumbull County,Ohio.-BONDS DEFEATED.-At an election hold Feb. 27 the questionof issuing $60,000 school-bldg. bonds (V.96, p. 505) was defeated by a voteof 215 "for" to 243 "against".GLADWIN, Gladwin County, Mich.-BOND ELECTION'.-An elec-tion will be held April 7, according to reports, to vote on the question ofissuing street-improvement bonds.GLENDALE, Maricopa County, Ariz.-BOND ELECTION PRO-POSED.-An election will be held shortly to submit to a vote the prosposi-tion to issue $35,000 water-works bonds.



GLOVERSVILLE, Fulton County, N. Y.-BOND OFFERING.-Fur-ther details are at hand relative to the offering on Apr. 18 of the $53,500% reg. tax-free local-impt. bonds (V. 96, p. 965). Proposals for these

bonds will be received until 2 p. m. on that day by 0. L. Everest, CityChamberlain. Auth. Chap. 275, Laws of 1899. Denom. (53) $1,000and (1) $500. Date Apr. 1 1913. Int. ann. on Apr. 1 at Fourth Nat.Bank, N. Y. Due on Apr. 1 as follows: $12,000 1914, $11,000 1915,$10,500 1916 and $10,000 1917 and 1918. No deposit required.

GOLDTHWAITE INDEPENDENT SCHOOL DISTRICT (P. 0.Goldthwaite), Mills County, Tex.-BOND ELECTION PROPOSED.-An election will be held, it is stated, to submit to a vote the propositionsto issue $15,000 repair and 312,000 school-construction bonds.

GRAFTON TOWNSHIP (P. 0. Grafton R. F. D.), Lorain County,Ohio.-BOND OFFERING.-Proposals will be received until 2p. m. Apr.12by J. B. Kroesen, Twp. Clerk, for the $32,000 5% road-impt. bonds votedat an election held Feb. 24. Denom. $1,000. Date May 1 1913. Int.M. & N. at Savings Dep. Bank & Trust Co., Elyria. Due $1,000 each sixmonths from May 1 1914 to May 1 1929 incl.

GRAND RAPIDS, Kent County, Mich.-BOND ELECTION.-Anelection will be held April 7, it is stated, to decide whether or not this cityshall issue $1,000,000 school and 8100,000 water-pump purchase bonds.GRANGER SCHOOL DISTRICT (P. 0. Granger), Williamson

County, Texas.-BONDS REGISTERED.-The State Comp. on Feb. 27registered the $10,000 5% school-bldg bonds voted Jan. 11 (V. 96, p. 505).GRANT SCHOOL DISTRICT (P. 0. Grant), Montgomery County,

Iowa.-BOND ELECTION PROPOSED.-An election will be held, reportsstate, to submit to a vote the question of issuing $40,000 school-constructionbonds.GRANVILLE, Licking County, Ohio.-BOND SALE.-On March 31

the $12,500 5% 9-yr. (ay.) water-works bonds (V. 96, p. 583) were awardedto the New First Nat. Bank of Columbus for $12,607.50 (100.856) and int.Other bids follow:Terry, Briggs & Slayton Tol. $12,6021W .E. Fox & Co., Cin $12,506.25Granville Bank Co., Grany'lle12.525GREENFIELD TOWNSHIP, Huron County, Ohio.-BOND OFFER-

ING.-Further details are at hand relative to the offering on April 22 of the440,000 5% coup. road-impt. bonds (V. 96, p. 965). Proposals for thesebonds will be received until 12 m. on that day by C. D. Wheeler, Two.Clerk (P. 0. Chicago Junction). Auth. Secs. 7033-7052 incl., Gen. Code.Denom. $500. Date April 11913. Int. A. & 0. at Home Say. Bank Co.,Chicago Junction. Due $1,000 each six months from April 1 1914 to Oct. 11918 incl. and $1,500 each six months from April 1 1919 to Oct. 1 1928 incl.Cert. check on a bank other than the one malting the bid, for 5% of bondsbid for, payable to Twp. Clerk, required. Bonds to be delivered and paidfor within 10 days from time of award. Purchaser to pay accrued interest.Bonded debt, $3,600. Assess. val. 1912, $1,266,280.GREENVILLE, Greenville County, So, Caro.-BOND OFFERING.-

Proposals will be received until 9 p. m. April 8 by G. F. League, City Clerk,and,Treas., for $15,000 5% 30-yr. coup. refunding bonds (V. 96, p. 666).Denom. $1,000. Date Mar. 1 1913. Int. M. & S. at Fourth Nat. Bank.N. Y. City. Cert. check for 234 % of bid, payable to G. F. League, required.GROTON TOWNSHIP (P. 0. Castalia R. F. D. No. 2). Erie County,

Ohio.-BID REJECTED.-The only bid received on Mar. 28 for the $15.-000 4 % 69 -year (avge.) coupon road-impt. bonds offered on that day(V. 96, p. 583) was $15,010 from Sidney Spitzer & Co. of Toledo. As thisbid did not conform to terms of sale, same was rejected.GIIIITON, Effingham County, Ga.-BOND ELECTION.-Reports

state that an election will be held April 15 to vote on a proposition to issue$10,000 water-works and $5,000 electric-light bonds.HA.DDON HEIGHTS, Camden County, N. J.-BOND ELECTION

PROPOSED.-An election will be held, reports state, to vote on the ques-tion of issuing $30,000 st. paving bonds.HAMBURG, Berks County, Pa.-BOND SALE.-We are advised that

this town has sold the $16,000 funding bonds (V. 96, p. 504)

HAMMONTON, Atlantic County, N. J.-BOND ELECTION.-Reports state that an election will be held April 29 to decide whether ornot this town shall issue $86,000 sower-system and disposal-plant bonds.HARDIN COUNTY COMMON SCHOOL DISTRICT NO. 8, Tex.-

BONDS REGISTERED.-An issue of 32,000 5% 20-year school bonds wasregistered by the State Comptroller on March 10.HARDIN COUNTY COMMON SCHOOL DISTRICT NO. 16, Tex.-

BONDS REGISTERED.-The State Comptroller registered on March 10$1,000 5% 10-20-year (opt.) school bonds.HARG SPECIAL ROAD DISTRICT (P. 0. Columbia), Boone Coun-

ty Mo.-PRICE PAID FOR BONDS.-We are advised that the pricepaid for the $20,000 6% road bonds awarded recently to local banks (V. 96,p. 964) was par. Denom. $500. Date Dec. 1 1912. Int. ann. in Dec.Due in 10 years. subject to call at any time.HARRIETSTOWN UNION FREE SCHOOL DISTRICT NO. 1

(P. 0. Saranac Lake) Franklin County, N. Y.-BONDS DEFEATED.-The question of issuing $100,000 school-bldg. bonds (V. 96, p. 223) atnot ecxeeding 6% int. was defeated at an election held Jan. 22 by a voteof 215 "for" to 544 "against."HARRISON TOWNSHIP, Pulaski County, Ind.-BOND OFFER-

ING.-Proposals will be received until 10:30 a. in. April 19, reports state,by Chas. Miller, Twp. Trustee, for $10,000 4 % 1-10-year (serial) schoolbonds. Denom. $500. Date April 19 1913.HART COUNTY (P. 0. Munfordville), Ky.-BONDS DEFEATED.-

The question of issuing $200,000 road-constr. bonds (V. 96, p. 376) was de-feated at an election held March 4 by a vote of 139 "for" to 2,400 "against."HASKELL COUNTY (P. 0. Stigler), Ark.-BOND ELECTION.-

According to newspaper reports, the question of issuing $80,000 5 %'20-year jail and court-house-constr. bonds will be submitted to a vote onApril 26.HASKELL COUNTY (P. 0. Santa Fe), Kans.-BONDS TO BE OF-

FERED SHORTLY.-We are advised by the Clerk that this county willIssue shortly $1,500 5% 20-yr. coup. funding bonds. Denom. $500. Int.J. & J.HASTINGS, Barry County, Mich.-BOND ELECTION.-According

to reports, an election will be held April 7 to submit to a vote the questionof issuing $90,000 municipal lighting-plant bonds.HAVEN, Reno County, Kan.-BOND ELECTION.-According to

local papers an election will be held April 7 to vote on the proposition toIssue 315.000 municipal water-works-system-construction bonds.H AXTUM, Phillips County, Colo.-PURCHASER OF BONDS.-We

are advised that the purchaser of the 330.000 6% 10-15-year (opt.) water-works bonds sold on Feb. 18 at par (V. 96, p. 812) was has. A. Smith ofHaxtum. Denom. $500. Date March 1 1913. Int. M. & S.HAYS COUNTY (P. 0. San Marcos), Tex.-BOND ELECTION.-

According to newspaper reports, an election will be held April 11 to submitto a vote the question of issuing $100,000 Kyle Precinct road bonds.HAYWARD, Alameda County, Cal.-BOND ELECTION.-News-

paper reports state that an election will be held April 10 to vote on theproposition to issue $14,000 fire department improvement bonds.HENDERSON COUNTY (P.O. Athens), Tex.-BOND ELECTION.-

An election will be held in Precinct No. 1 (Athens Precinct) on April 5,according to reports, to vote on the question of issuing $100,000 road-impt.bonds.BOND ELECTION PROPOSED.-Reports state that an election will be

held In the near future to vote on the issuance of court-houseconstr. bonds.HERMOSA BEACH, Los Angeles County, Cal.-BOND ELECTION

PROPOSED.-Reports state that an election will be held in the near futureto vote on the Issuance of bonds for park, city-hall-sito-purchase andconstr., sewerage-system and fire-apparatus purposes.HOUSTON COUNTY COMMON SCHOOL DISTRICT NO. 29 (P. 0.

Crockett), Tex.-BONDS REGISTERED.-On March 10 the State Comp-troller registered $5,000 5% 5-20-year (opt.) school bonds.HIIGHSON SCHOOL DISTRICT (P. 0. Hughson), Stanislaus

County, Cal.-BONDS VOTED.-Reports state that the question ofissuing the $25.000 school-constr. bonds (V. 96, p. 812) carried at the elec-tion,held Mar. 22 by a vote of 118 to 23.

HUNTERS VILLE SCHOOL DISTRICT (P. 0. Huntersville), Meck-lenburg County, No. Caro.-BOND ELECTION.-An election will beheld April 8, reports state, to vote on the proposition to issue $20,000 school-building-construction bonds (V. 96. P. 301).

HUNTINGTON PARK, Los Angeles County, Cal.-BONDS AU-THORIZED.-According to newspaper reports, an ordinance has beenpassed providing for the issuance of $45,000 municipal impt. bonds.HURON SCHOOL DISTRICT (P. 0. Huron), Beadle County,

So. Dak.-BONDS VOTED.-According to local newspaper reports, theproposition to issue $45,000 high school constr. bonds carried at a recentelection.HUTCHINSON, Reno County, Kans.-BOND ELECTION.-An

election will be held April 1, reports state, to vote on the proposition tqissue $12,000 B Avenue and $8,000 West First Ave. bridge-constr. bonds.

IBERIA PARISH (P. 0. New Iberia), La.-BOND ELECTION PRO-POSED.-Reports state that an election will be held within 40 days to sub-mit to a vote the proposition to issue $120,000 5% road-constructionbonds (V. 95, p. 1635).INGRAM SCHOOL DISTRICT (P. 0. Ingram), Allegheny County,

Pa.-BOND ELECTION.-An election will be held May 3 to submit to avote the question of issuing $125,000 site-purchase and school-constr. bonds.

IOWA FALLS SCHOOL DISTRICT (P. 0. Iowa Falls), HardinCounty, Iowa.-BOND ELECTION.-A proposition to issue $75,000school-construction bonds will be submitted to a vote on April 7.JACKSONVILLE, Morgan County, Ill.-BOND ELECTION.-Local

papers state that an election will be held April 15 to decide whether or notthis city shall issue 350.000 light-plant-impt. bonds.JACKSONVILLE, Cherokee County, Tex.-BOND ELECTION.-

An election will be held April 15, it is stated, to decide whether or not thiscity shall issue $25,000 sanitary-sewer-constr. and $10,000 water-supplybonds (V. 96. p. 301).JOHNSTOWN TOWNSHIP (P. 0. Hastings), Barry County, Mich.

-BOND ELECTION.-The proposition to issue $35,000 good-road bondswill be submitted to a vote at the spring election, it is stated.

JOPLIN, Jasper County, Mo.-BOND ELECTION POSTPONED.-The election which was to have been held Mar. 11 to vote on the questionof issuing $60,000 electric-light-impt. bonds (V. 96. p. 666) has been post-poned until April 22, reports state.

JOPLIN, Mo.-BOND ELECTION PROPOSED.-An ordinance provid-ing for an election to be held April 30 to vote on the issuance of 5175,000park and boulevard constr. bonds has been passed on second reading.

KANSAS.-,--BONDS PURCHASED BY STATE.-The following bonds.aggregating $40,116 35, were purchased by the State last month at par

Place issuing bonds- Amount. Purpose. Int, Due.Baxter Springs $12,000 00 RR. aid 5% Jan. 1 1933Bonner Springs 5,188 65 Improv. 5 % Aug.10 '14-'23Great Bend Sch. Dist 17,500 00 Building 5 0 July 1 1932Olathe 5,42770 Improv. 5% Mar. 1 '14-'23The above bonds are subject to call at any interest-paying period.

KANSAS CITY, Kans.-BOND SALE.-The 330.098 5% street-impt.bonds (V. 96, p. 505) have been awarded to the Commerce Trust Co. ofKansas City, Mo., at par, int. and 1% premium. The bonds matureone-tenth yearly.KANSAS CITY, Mo.-BOND SALE.-On Mar. 31 the $117,268 09 6%

park bonds (V. 96, p. 965) were awarded to the Travelers' Ins. Co. of Kan-sas City at 100.25. There were no other bidders. Denom. $1,000. DateNov. 19 1912. Int. J. & J. Due 1932, subJect to call at any time.

KEARNEY, Buffalo County, Neb.-BONDS DEFEATED.-It is re-ported that the $40,000 park-site-purchase and constr. bonds (V. 96, p.892) were defeated at the election held Apr. 1.KENNEDY HEIGHTS (P. 0. Cincinnati), Hamilton County, Ohio.

-BOND ELECTION.-The question of issuing $6,000 street-impt. bondswill be voted upon on April 7.KENSINGTON Smith County, Kans.-BOND ELECTION PRO-

POSED.-An election will be held in April to vote on the proposition toissue $7,000 electric-light-plant bonds.KERR COUNTY (P. 0. Kerrville), Tex.-BOND ELECTION PRO-

POSED.-A petition is being circulated, in Precinct No. 1, reports state,calling an election to vote on the question of issuing $40,000 5% 10-yr.road district bonds.KINGSTON SCHOOL DISTRICT (P. 0. Kingston), Ulster County,

N. Y.-BOND SALE.-On March 29 the $55,500 4 3.4 % reg. high-school-site-purchase bonds (V. 96, p. 892) were sold at public auction, $51,500 tothe Rondout Say. Bank of Kingston at par and 34,000 to A. E. Winne at101.KOPPERL SCHOOL DISTRICT (P. 0. Kopperl), Bosque County,

Tex.-BONDS VOTED,-According to newspaper reports, this districtrecently voted 34 to 10 to issue $7,500 school-constr. bonds.

LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. Bellefontaine),Stark County, Ohio.-BONDS VOTED.-The proposition to issue $3,500school-constr. bonds carried at an election held Mar. 28 by a vote of 22 to 9.LAMAR, Darlington County, So. Caro.-BONDS VOTED.-The

question of issuing $7,000 railroad-aid bonds carried, reports state, at anelection hold Mar. 14.LARUE INDEPENDENT SCHOOL DISTRICT (P. 0. Larue), Hen-

derson County, Tex.-BONDS REGISTERED.-The State Comptrollerregistered on Mar. 10 $4,000 5% 10-40-yr. (opt.) school-constr. bonds.

LAWRENCE, Essex County, Mass.-LOAN OFFERING.-Reportsstate that proposals will be received until 11 a. in. April 8 by the Treasurerfor a temporary loan of $300,000 maturing October 24.

LAWRENCE COUNTY (P. 0. Lawrenceburg), Tenn.-BONDELECTION POSTPONED.-The election which was to have been heldMar. 22 to vote on the question of issuing $200,000 road-constr. bonds(V. 96, p. 666) has been indefinitely postponed.

LE MARS, Plymouth County, Iowa.-BONDS DEFEATED.-Thequestion of issuing $65,000 water-works bonds was defeated at the electionheld March 20.

LEWISTOWN, Fergus County, Mont.-BOND ELECTION.-Anelection will be held April 7, it is stated, to vote on the questions of issuingeity-hall-impt. and auto-fire-truck-purchaso bonds (V. 96, p. 505.)

LIMESTONE COUNTY (P. 0. Groesbeck), Tex.-BONDS REGIS-TERED.-On Feb. 27 the State Comp. registered the $150,000 5% 10-40-yr. (opt.) Road Dist. No. 4 bonds awarded to the City Loan & Tr. Co. ofGainesville on Dec. 9 (V. 95. 1:.• 1763)•

LIMESTONE COUNTY COMMON SCHOOL DISTRICT NO, 14,Tex.-BONDS REGISTERED.-On Mar. 10 the State Comptroller regis-tered $1,000 5% 10-20-yr. (opt.) school bonds.

LINCOLN, Lancaster County, Neb.-BOND SALE.-On Mar. 18the three issues of 5A-Yr. (ay.) paving assess. bonds aggregating $18,800(V. 96, p. 740) were awarded to W. E. Barkley of Lincoln for $18,805(100.026) as 5s.

LINCOLN COUNTY SCHOOL DISTRICT NO. 36, Wash.-BONDSALE.-On March 29 the $40,000 10-20-vr. (opt,) coup. tax-free site-purchase and school.bidg. bonds were. awarded to the State of Washingtonat par for 5s. Other bids follow:Keeler Bros., Denver, par for 5s.0. H. Coffin, Chicago, par and a premium of $201 for 5 y6s,Hoehler & Cummings, Toledo, par and a premium of $161 for 5%s.Spokane & Eastern Trust Co., Spokane. par and a prem. of $116 for 5%s.Union Tr. & Say. Co. Bk., Spokane, par and a premium of $44 for 53-is.Wm. D. Perkin & Co., Seattle, par for 5 Hs.Well, Roth & Co., Chicago, par and a premium of $1,408 for Os.A. J. Hood & Co., Detroit, par and a premium of ¶1,141 for (Is.Causoy, Foster & Co., Denver, par and a premium of $431 for 6s.Ulen & Co., Chicago, par and a premium of $404 for 6s.J. R. Sutherlin & Co., Kansas City, Mo., par and a prem. of $200 for 6s.Denom. $2,000. Int. ann. at the Co. Treas. office.

LOCKHART SCHOOL DISTRICT (P. 0. Lockhart), CaldwellCounty, Tex.-BONDS DEFEATED.-The question of issuing $20,0006% school-bldg. bonds (V. 96, P. 505) was defeated at an election holdMarch 4 by a vote of 92 "for" to 103 "against".

LOCKWOOD IRRIGATION DISTRICT (P. 0. Billings), Mont.-BONDS NOT TO BE SOLD.-We are advised that the $19,000 6% bonds(the unsold portion of an issue of $100,000) (V. 96 p. 223) will not be soldas the system can be completed with the funds derived from the sale of the$81.000 issue.


APR. 5 1913 ] THE CHRONICLE 1041LOHRVILLE SCHOOL DISTRICT (P. 0. Lohrville), CalhounCounty, Iowa.-NO BOND ELECTION AT PRESENT.-Owing to anerror in the election notice the question of issuing $25,000 building bondswas not submitted to a vote on March 10.LORDSBURG, Los Angeles County, Cal.-BOND SALE.-OnMar. 24 the $36,000 5% 36-yr. street-paving bonds (V. 96, p. 892) wereawarded to the State Bank of Pomona for $36,510-making the price101.416. H. L. Kuno of Lordsburg bid par. Denom. $1,000. DateAug. 1 1912. Int. F. & A.LORIMOR SCHOOL DISTRICT (P. 0. Lorimor), Clinton County.Ia.-BONDS NOT SOLD.-No sale was made on March 31 of the $20,0005% school-bldg. bonds offered on that day (V. 96, p. 892). Denom. $1,000.Date July 1 1913. Int. J. & J.LOS ANGELES, Cal.-BONDS NOT SOLD.-No bids were received onMar. 17 for the 516.804 7% street-impt. bonds offered on that day (V. 96,p. 813).LOST HILLS SCHOOL DISTRICT, Kern County, Cal.-BONDOFFERING.-Proposals will be received until Apr. 8 (not Apr. 9 as firstreported), reports state, by I. L. Miller, Clerk, Bd. of Supervisors (P. 0.Bakersfield) for $10,000 8% school bonds. (V. 96, p. 892)•LOUP CITY SCHOOL DISTRICT (P. 0. Loup City), ShermanCounty, Neb.-BONDS DEFEATED.-According to reports the proposi-tion to issue $30.000 high-school-constr.,bonds submitted to the voters onMarch 1. was defeated.LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND OFFERING.-Pro-posals will be received until 10 a. m. April 18 by C. J. Sanzenbacher, Aud-itor, for the $90,697 67 5% road-impt. bonds. Auth. Sec. 7433, Gen.Code. Denom. (90) 31.000 and (1) $697 67. Date April 29 1913. Int.semi-ann. at Co. Treas. office. Due in one yr. and six mos. A deposit incash or cert. check on some Toledo bank for 51.000 required. Conditionalbids will not be considered. Purchaser to pay accrued interest. Bonds tobe delivered April 29.LUNENBURG COUNTY (P. 0. Lunenburg), Va.-BONDS DE-FEATED.-The question of issuing $40,000 road-impt. bonds in PleasantGrove District was defeated, it is stated, at an election held Feb. 28, by avote of 79 "for" to 92 "against."BONDS VOTED.-The question of issuing $30,000 road-impt. bondsin Plymouth District carried, according to reports, at an election heldFeb. 28 by a vote of 46 "for" to 10 "against."LUVERNE INDEPENDENT SCHOOL DISTRICT NO. 2 (P. 0. Lu-verne), Rock County, Minn.-BONDS DEFEAT,ED.-The election heldMar. 25 resulted in the defeat of the question of issuing to the State ofMinn. the $60,000 4% high-school-bldg. bonds (V. 96, p. 892). The votewas 92 "for" and 350 "against."LYON COUNTY (P. 0. Rock Rapids), Iowa.-BONDS DEFEATED.-An election held Mar. 15 resulted in defeat of the proposition to issuethe $140,000 court-house-constr. bonds (V. 96, p. 813). There were 545votes "for" and 1.400 "against."MABEL INDEPENDENT SCHOOL DISTRICT NO. 6 (P. 0. Mabel),Fillmore County, Minn.-BONDS VOTED.-The proposition to issue$20,000 4% school-bldg. bonds carried at the election held Mar. 25 by avote of 116 to 2. We are advised that these bonds will be sold to theState of Minnesota.MADISONVILLE, Madison County, Tex.-BONDS REGISTERED. -The State Comptroller on March 19 registered $16,000 5% 20-40-year(opt.) water-works bonds (V. 96. p. 506).MARIETTA, Washington County, Ohio.-NO ACTION YETTAKEN.-We are advised by the City Aud. under date of March 4 thatno action has yet been taken looking toward the issuance of $7,500 4%street-impt. (city's portion) bonds (V. 96, p. 81.)•MARINETTE SCHOOL DISTRICT (P. 0. Marinette), MarinetteCounty, Wis.-BONDS DEFEATED.-The question of issuing the $130,-000 high-school-constr. bonds (V. 96, p. 892) was defeated at the electionheld Apr. 1 by a vote of 925 "for" to 1,288 "against."MARION, Marion County, Ohio.-BOND OFFERING.-Proposalswill be received until 12 m. May 3 by Harry E. Mason, City Aud., for$13,500 5% police-station and fire-engine-house-erection and equippingbonds. Denom. $500. Date Mar. 11913. Int. M. & N. Due $5015 eachsix months from Mar. 1 1926 to Mar. 1 1939 incl. Cert. check for $500.payable to the City Treas., required.MARION COUNTY (P. 0. Buena Vista), Ga.-BOND ELECTIONRESCINDED.-We are advised by the Co. Clerk that the election whichwas to have been held Mar. 10 to veto on the proposition to issue! $50,000road bonds (V. 96, p. 666) has been "called off indefinitely.'MARSHALL, Calhoun County, Mich:-BOND ELECTION.-Thequestion of issuing $50.000 20-yr. sewer and paving bonds (V. 96, P. 666)at not exceeding 4% % int. will be submitted to a vote on April 7.MARSHALL COUNTY (P. 0. Moundsville), W. Va.-BOND OFFER-ING.-Proposals will be received until April 10 by J. E. Chase, ClerkCounty Court for the $50,000, of an issue of $150,000, 5% coupon UnionDistrict road-impt. bonds voted Nov. 5. Denom. $1,000. Date Jan. 11913. Int. annually on Jan. 1 at Mercantile Bank & Trust Co. Mounds-ville. Due 86,000 yearly on Jan. 1 from 1923 to 1930, incl. and$2,000 onJan. 1 1931. Cert. check on a bank or trust company in Moundsvillefor 2% of bonds bid for, payable to B. B. Mechen, President CountyCourt, required. These bonds were previously offered on Mar. 25 (V. 96,p. 666), but the bids received were rejected as none were in conformitywith the advertisement.MATTHEWS SCHOOL DISTRICT (P. 0. Matthews), MecklenburgCounty, No. Caro.-BOND ELECTION.-On April 8, reports state, anelection will be held to vote on the proposition to issue $15,000 high-school-extension bonds.McCULLOCH COUNTY COMMON SCHOOL DISTRICT NO. 20,Tex.-BONDS REGISTERED.-On Mar. 10 the State Comptroller regis-tered $2,000 5% 10-20-yr. (opt.) school bonds.MEADVILLE, Crawford County, Pa.-BOND ELECTION PRO-POSED.-Reports state that an election will be held in the near future tovote on the question of issuing 860.000 street, sewer and paving bonds.MECKLENBURG COUNTY (P. 0. Charlotte), No. Caro.-BONDOFFERING.-According to reports. proposals will be received until 11 a. mApril 28 by W. M. Long, Chairman Board of Commrs., for $325,000 4)4%30-year funding and impt. bonds. Cert. check for $3,250 required.MEDINA, Orleans County, N. Y.-BONDS DEFEATED.-The ques-tion of issuing West Center St. paving and fire-truck bonds (V. 96, p. 813)was defeated at an election held Mar. 18.MEIGS TOWNSHIP SCHOOL DISTRICT, Muskingum County,Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Apr. 21by C. S. Morris, Clerk Bd. of Ed. (P. 0. Route 7, Cumberland), for the$4,000 534 % high-school-constr. bonds voted Mar. 3 (V. 96, p. 892).Auth. Secs, 7625, 7626 and 7627, Gen. Code. Denom. $250. DateApr. 21 1913. Int. A. & 0. at office of Dist. Treas. Due $500 yrly. onApr. 21 from 1914 to 1921 incl. Cert. cheek for 10% of bonds bid for,payable to Bd. of Ed., required. Bonds to be delivered and paid for within5 days from day of sale, or as soon thereafter as can be made ready for de-livery. Purchaser to pay accrued interest.MERIDIAN, Lauderdale County, Miss.-BONDS VOTED.-A favor-able vote was cast on March 27, it is stated, on the question of issuing $150,-000 funding, $100,000 water-works refunding, 525,000 street equipment and$25,000 school bonds.MILWAUKEE, Clackamas County, Ore.-BONDS VOTED.-Thequestion of Issuing the $20,000 5% 20-year water-works-installation bonds(V. 96, p. 667) carried at an election held Mar. 18 by a vote of 120 to 55.Interest semi-annual.MILWAUKEE, W15.-BONDS AUTHORIZED.-An ordinance waspassed Mar. 17 providing for the issuance of $30.000 44% coup, public-librar-impt. bonds. Denom. (20) 81,000. (20) $500. Date Jan. 1 1913.Int. J"& J. at office of City Treas. Due $1,500 yrly. on Jan. 1 from 1914to 1933 incl.MILWAUKEE, Wis.-BONDS VOTED.-According to local newspapersthe question of issuing the $1,650.000 school and 375,000 bath 44% 1-20-yr. serial bonds (V. 96, p. 966) carried at the election held Apr. 1 by a voteof 13,478 to 3,917 and 10,463 to 4,847, respectively.MISSION SAN JOSE SCHOOL DISTRICT, Alameda County, Cal.-BOND OFFERING.-Reports state that proposals will be received until11 a. m. April 7 by J. P. Cook, County Clerk (P. 0. Oakland). for $16,000

5% 1-16-year (serial) school bonds (V496, p. 966). Interest annually.Cert. check for 2% required.MOLINE, Elk County, Kans.-BONDS VOTED.-By a vote of 326to 59 cast at the election held Mar. 25, this city authorized the issuanceof the $40,000 water and light bonds (V. 96, p. 813).MONONA, Clayton County, Iowa.-BOND ELECTION.-An elec-tion will be held April 7 to decide whether or not this place shall issue $18,000water-works bonds.MONTAGUE SCHOOL DISTRICT (P. 0. Montague), SiskiyouCounty, Cal.-BOND ELECTION PROPOSED.-An election will be heldIn the near future, reports state, to vote on the question of issuing school-construction bonds.MOODY COUNTY (P. 0. Flandreau), So. Dak.-BOND OFFERING.-Proposals will be received until 1 p. m. May 1, it is reported, by G. A.Chorpening, Co. Aud., for the $85,000 507 5-20-yr. (opt.) court-housebonds offered without success on Mar. 3 (V. 96, p. 813). Int. semi-ann.Cert. check for 5% required.MOUNT MORRIS, Livingston County, N. Y.-BONDS DEFEATED.-The propositions to issue $140,000 water-works and $45,000 sewer-installation bonds was defeated, it is stated, at the election held Mar. 31,MUSKINGUM COUNTY (P. 0. Zanesville), Ohio.-BOND OFFER-ING.-Proposals will be received until 10 a. m. April 15 by the Board ofCounty Commrs., H. H. Kennedy, Clerk, for the following 434 % road-improvement bonds:

$23,500 Rix Mills road-impt. bonds. Due on April 1 as follows: $3,500 in1915, $5,000 in 1916 and $7,500 in 1917 and 1918.22,000 Madison Twp, road-impt. bonds. Due on April 1 as follows:$4,000 in 1915 $5,000 in 1916 and $6,500 in 1917 and 1918.Auth. Sec. 6956-15,Gen. Code. Denom. $500. Date April 1 1913,Int. A. & 0. Cert. check on Muskingum County national bank (or cash)for 2% of bonds bid for.payable to Board of County Commrs., required.Purchaser to pay accrued interest.NASHVILLE, Davidson County, Tenn.-BOND OFFERING.-

Attention is called to the official advertisement elsewhere in this Depart-ment of the offering on April 28 of the $200,000 reservoir-repair and.$100,000electric-light-extension % 20-year bonds. For details and terms ofoffering, see V. 96. p. 966.The $150,000 434% 30-yr. street-opening and ext. bonds which were alsoto be offered on Apr. 28 have been withdrawn.NAVARRO COUNTY (P. 0. Corsicana), Tex.-BONDS VOTED.-According to reports, the question of issuing the $400,000 5% 40-yr. roadbonds (V. 96.p. 966) carried at an election held in Dist. No. 1 Mar. 29'by a vote of 1,337 to 270.NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. New Philadel-phia), Tuscarawas County, Ohio.-BOND ELECTION.-An electionwill be held April 10 to submit to a vote the question of issuing $130,000school-site-purchase and construction bonds.NEWPORT, Newport County, R. I.-BIDS.-The other bids re."7"ev"Mon Mar. 27 for the $30,000 4% athletic field bonds, awarded on that day toCurtis & Sanger of Boston at 97.33 and int. (V. 96, p. 966), were:R. L. Day & Co., Boston_ _ _ _97.090 I Blodget & Co., Boston 97.003Merrill, Oldham & Co., Bos_ _97.089 IInterest M. & S.NEWPORT BEACH, Orange County, Cal.-NO ACTION YETTAKEN.-We are advised by the City Clerk that no action has yet beentaken looking toward the re-offering of the $25,000 electric-light bondsoffered without success on Dec. 30 1912 (V. 96, p. 152).NEW YORK CITY.-BOND SALE.-The Sinking Fund of this citypurchased at par during March an issue of 81.000 3% assessment bondsmaturing in 1913.The following short-time securities (revenue* bonds, bills and corporatestock notes) were also issued during March:

Rev .Bills(Con.)Int. Amount.Current exp_*4 81.974,75343Current exp_*5 x3,577,54864Current exp_*4 z1,324,006 50Current exp_*4 z1,044,215 23Current exp_*4 11-16 z474,317 64Current exp_*4 z282,133 26Current exp_*4 9-16 z236,614 37Corp. Stock Not's-

Water 44 $2,000,000 00Water 3 1,000,000 00Rapid transit_4 500,000 00

Rev.Bds. 13 Int. Amount.Current exp__4 15-16 $2,074,816 44Current exp_ _4 4 • 200,000 00Current exp:_4 13-16 400,000 00Current exp_ _4 4 3,360,000 00Current exp_ _4 9-16 1,600,000 00Current exp_ _4 4 250,000 00Current exp_ _4 A 2.800,000 00Special 44 65,000 00Special

104 43,000 00Special 137,000 00Rev. Bills, 1913-

Current exp .*5 a1,124,823 04Total $24,468,228 55* Rate of discount; figures in "Amount" column represent proceeds ofloan after deducting discount. a Payable in francs. z Payable in sterling.NILES, Trumbull County, Ohio.-BOND OFFERING.-Proposalswill be received until 2 p. m. April 27 by Homer Thomas, City Clerk, forthe following 5% street-impt. (assessment) bonds:

$5,449 Church St. impt. bonds. Denom. (8) $500. (1) $449. Due $1,000yearly on Oct. 1 from 1914 to 1917, incl., and $449 on Oct. 1 1918.13,420 Cedar St. impt. bonds. Denom. (26) $500, (1) $420. Due $2,500yearly on Oct. 1 from 1914 to 1917, incl., and $3,420 on Oct. 1 1918.6,540 Beaver St. impt. bonds. Denom. (13) $500, (1) $40. Due $1,040on Oct. 1 1914, $1,000 on Oct. 1 1915 and $1,500 yearly on Oct. 1from 1916 to 1918, incl. digAuth. Sec. 95, Municipal Code. Date April 1 1913. Int. A. & 0.Cert. check for 2% of bonds bid for, payable to City Treas., required.Bonds to be delivered and paid for within 10 days from time of award.Purchaser to pay accrued interest.NORFOLK, Madison County, Neb.-BONDS VOTED.-Accordingto reports, the question of issuing the $33,000 paving bonds (V. 96, p. 814)carried at the election held Mar. 24 by a vote of 971 to 171.BOND ELECTION.-An election will be held May 5, it is stated, tosubmit to a vote the proposition to issue the $10,000 water-works-ext.bonds (V. 96, p. 814).NORTH CAROLINA.-BONDS AUTHORIZED.-An Act was re-cently passed by the Legislature, reports state, providing for the issuance ofnot more than $1,142,500 coup. tax-free bonds. The proceeds of the bondswill be used as followsTo cover the deficit In the State Treasury, $600,000.For equipping and painting new administration bldg., $75,000.Remodeling and refurnishing the Supreme Court bldg. and refurnishingthe office of the State Treasurer, $40,000.For a central heating plant, $40,000.For permanent improvements at several State institutIon.s as followsState Hospital, Morganton ..$50,000 State Hospital, Goldsboro..-$25 000A. & M. College, Raleigh.... 25,000 University of No. Carolina_ _100,000Nor. & Ind. Coll., Greensboro 50,000 A .&M .Coll(col'd) . Greensboro 17,500Appalach. Train. Sch.,Boone 15,000 Cullowhee Training School__ 15,000State Hospital for Treatment East. Train. Sch. at Greenv_ 40,000Tuberculosis at Montrose- 20.000 Purchase of land for School for -4Blind, near Raleigh 30,000Denom. $500 and $1,000. Int. (rate not to exceed 4%) semi-annual.Due July 1 1953.NORTH WILDWOOD (P. 0. Anglesea), Cape May County, N. J.-BOND SALE.-According to reports, this borough, on Apr. 1 sold the $30.-000 5% gold coup. tax free board-walk bonds (V. 95, p. 1,636)•NORTH WILDWOOD (P. 0. Anglesea), Cape May County, N. J.-BONDS VOTED .-Reports state that $15,000 school-constr. bonds haverecently been voted.NORWAY SCHOOL DISTRICT (P. 0. Norway), Dickinson County,Mich.-PURCHASER OF BONDS.-The purchasers of the $65.000 5%1-15-yr. (ser.) high-scbool-bldg. bonds recently sold (V. 96. p. 966) wasHoehler & Cummings of Toledo at 102.08. Denom. $1,000. Date Mar. 11913. Int. M. & S.NORWOOD CITY SCHOOL DISTRICT (P.O. Norwood), HamiltonCounty, Ohio.-BOND OFFERING.-Proposals will be received until12 m. April 14 by H. Ryland, Clerk Bd. of Ed., for the following 434%bonds:

$40,000 high-school-erection bonds. Due $10,000 on April 30 1915, 1916.1917 and 1918.10,000 Marion St. school-bldg. bonds. Due 85,000 on April 30 1919and 1920.



Auth. Sec. 7629. Gen. Code.- Denom. $500. Date April 30 1913.Int. A. & 0. at the First Nat. Bank, Norwood. Bonds to be deliveredand paid for within 10 days of time of award. Cert. check for 5% of bid,p j.vble to the Clerk Bd. of Ed., required. Purchaser to pay accrued int.

ONTARIO, Malheur County, Ore.-BONDS VOTED.-The propo-

sitions to issue city-hall-constr, and drainage bonds carried, reports state,

at a recent election.ORLANDO, Orange County, Fla.-BONDS NOT SOLD.-No award

was made on Mar. 27 of the $140,000 5% sewerage-system bonds offered

on that day (V. 96, p. 741). The bonds mature $35,000 in 10, 20, 30 and

40 years.OSSINING, Westchester County, N. Y.-BOND OFFERING.-Pro-

posals will be received until 8 p. m. April 8 by D. 0. Decker, Village Clerk,for $75,000 coupon or reg.is. municipal-building bonds at not exceeding 5%int. Denom. $1.000. Date Mar. 11913. int. M. & S. at Village Treas.office in N. Y. exchange. Due $3,000 yearly on Oct. 1 from 1918 to 1942,incl. Cert. check on an incorporated bank or trust compan for 2% ofbonds bid for, payable to Village Treasurer, required. Purchaser to payaccrued int. Bids must be made on blank forms furnished by village.These bonds will be certified as to genuineness by the Columbia-Knicker-bocker Trust Co. of N. Y., and their legality approved by Hawkins, Dela-field & Longfellow of New York, whose opinion will be furnished successfulbidder. These bonds were offered on Mar. 4 and awarded on that day to'E. H. Rollins & Sons of N. Y. at 100.315 for 4.40s (V.96, p. 741), but owingto a technical error in the advertisement, the sale was not consummated.

OYSTER BAY, Nassau County, N. Y.-BONDS DEFEATED.-The question of issuing $240,100 road and town-hall bonds was defeatedat the election held April 1.

OXFORD SCHOOL DISTRICT (P. 0. Oxford), Granville County,No. Caro.-BOND OFFERING.-According to reports, proposals will bereceived until 12 m. April 21 by R. H. Lewis Jr., Treas. Board of School

Trustees, for $20,000 5% 30-year school bonds. Cert. check for $500required.PATERSON, N. J.-BIDS REJECTED.-The following bids received

on April 3 for the two issues of 4M % 30-yr. gold coup. bonds, aggregating

$565,000 (V. 96, p. 966) were rejected: $400,000 $165,000

Harris, Forbes & Co., New York Issue Issue

$401,764 $165,727.50A. B. Leach & Co., and N. W. Halsey & Co., N.Y.

(jointly) 401,080 165,445.50Adams & Co., New York 165,900.00

PAULDING, Paulding County, Ohio.-BOND SALE.-On Mar. 24*the two issues of 5% bonds aggregating $10,100 (V.96, p. 667) were awardedto Mayer, Deppe & Walter, Cincinnati, $5,100 refundng bonds at 103.29and int. and $5,000 street-paving bonds at 100.39 and int.

PAWLING, Dutchess County, N. Y.-BOND SALE.-On April 3the $10,000 5% 53i-yr. (ay.) road impt. bonds (V.96, p.966) were awardedto Isaac W. Sherrill & Co. of Poughkeepsie at 101.47 and int. Otherbids follow:Douglas, Fenwick & Co.. N. Y.....- 100.891Adams & Co., N. 100.53

-PENNINGTON COUNTY (P. 0. Rapid City), So. Dak.-BONDOFFERING.-Proposals will be received until 12 m. April 12, according to'reports, by J. G. Hopkins, Aud., for $44,000 5 1-3-yr. (ay.) coup. bridgebends. Cert. check for 5% required.

PETROLEUM SCHOOL DISTRICT, Kern County, Cal.-BONDOFFERING.-Proposals will be received until April 8 (not April 9 as firstreported), it is stated, by I. L. Miller, Clerk 13d. of Supervisors (P. 0.Bakersfield) for $7,000 6% school bonds. (V. 96, p. 893).

POCAHONTAS COUNTY (P. 0. Pocahontas), Iowa.-PRICE PAIDFOR BONDS.-The price paid for the $60,000 5% 9-year (ay.) bridgefunding bonds awarded on Mar. 15 to Geo. M. Bechtel & Co. of Davenport

(V. 96, p. 893) was 101.69.5 and int. The bonds are dated Jan. 1 1913.

PORT OF SEATTLE, Wash.-BOND OFFERING .-Attention is called

'to the official advertisement elsewhere in this Department of the offering

on April 17 of $200,000 Smith's Cove and $150,000 East Waterway-impt.

bonds. For details and terms of offering see V. 96, p. 967.

PORTSMOUTH SCHOOL DISTRICT (P. 0. Portsmouth), Scioto

County, Ohio.-BOND ELECTION.-An election will be held Apr. 27,

reports state, to decide whether or not this district shall Issue $100,000.Lincoln school constr. bonds.

PRINCETON, Bureau County, Ill.-BOND ELECTION.-Accordingto local papers. an election will be held April 15 to vote on the question ofissuing $20,000 water-works-well-constr. blonds.

QUEEN ANNE'S COUNTY (P. 0. Centerville), Md.-BOND OFFER-ING.-Further details are at hand relative to the offering on April 15 of the$75.000 ($25,000 school and $50,000 road and bridge) 5% tax-free generalimpt. ponds (V. 96, p. 967). Proposals for these bonds will be receiveduntil 12 m. on that day by the Co. Commrs., E. J. Merrick, Clerk. Do-mom. $1,000. Int. from July 11912, payable .1. & J. Due $3,000 yrly

on July 1 from 1913 to 1937 incl. Cert. check or bank draft for 2% ofbonds bid for, payable to Co. Commrs., required.

RAMSEY, Bergen County, N. J.-BOND OFFERING.-Proposals

will be received until 8 p. m. April 14, it is stated, by H. R. Parvin, BornClerk, for $65,000 5% 17 2-3-yr. (ay.) water bonds. Cert. check for 2%required. These bonds were previously offered on Mar. 17 as 43's (V• 96,p. 667)•RANDOLPH COUNTY (P. 0. Ashboro), No. Caro.-BOND ELEC-

TION PROPOSED.-Reports state that in the near future an election will

be hold to vote on the question of issuing $300,000 good-road bonds.

REHOBOTH BEACH, Sussex County, Del.-BOND OFFERING.-Proposals will be received until 8 p. m. April 10, according to reports, byF. A. Rase, Pres. Bd. of Conunrs., for the $30,000 5% 5-30-yr. (opt.)water bonds voted Mar. 22 (V. 96, p. 967). Int. semi-ann. Cert. check'for 3% required.

REUBENS, Lewis County, Ida.-BOND OFFERING.-It is stated

that proposals will be received until 2 p. m. April 14 by A. L. Fisher, Town

Clerk. for $10,500 6% 10-20-year (opt.) water-works bonds. Int. semi-

annual. Cert. check for $500 required.

RICHMOND, VA.-BOND SALE.-Reports state that Baker, Watts

& Co., of Baltimore have purchased $338,000 4% 'public impt. bonds.

RIDLEY PARK, Delaware County, Pa.-BOND OFFERING.-Pro-posals will be received until 6 p. m. April 8 by J. H. Devine, Chief Burgess,

for $35,000 4% 30-yr. bonds. Cert. check for $500 required.

RIO BONITO SCHOOL DISTRICT (P. 0. Rio Bonito), Butte'County, Cal.-BONDS VOTED.-Reports state that a favorable vote wascast at the election held March 22 on the proposition to issue the $5,000school-equip.-and-constr. bonds (V, 96, p. 893.)

ROBSTOWN SCHOOL DISTRICT (P. 0. Robstown), NuecesCounty, Tex.-BONDS VOTED.-Local papers state that $25,000 high-school-construction bonds were voted at a recent election.

ROSEDALE, Wyandotte County,Eans.-BONDS AUTHORIZED.-Reports state that an ordinance was passed Mar. 27 providing for the Issu-

ance of $60,400 5% 2-yr. refunding bonds. Date Apr. 1, 1913.

RUNN NG LAKE DRAINAGE DISTRICT, Randolph County,

Ark.-DESCRIPTION OF BONDS.-The 385,000 5% 5-20-yr. (opt.) coup.

tax-free drainage-system bonds awarded on March 12 to Lesser-Goldman

Cotton Co. and Lewis W. Thomson Su date Co. of St. Louis at par (V. 96,

5: 98,671.are in the denom. of $500 eachand bear ate of April 5 1913. Int.

RUTHERFORD COUNTY (P. 0. Rutherfordton), No. Caro.-BOND ELECTION.-An election will be held April 26, reports state, tovote on the question of issuing $250,000 road bonds.

SACRAMENTO COUNTY (P. 0. Sacramento), Cal.-BONDSAWARDED IN PART.-We are advised by the Co. Treas. that of an issue

of $339,000 6% Reclamation Dist. No. 551 bonds $305,000 have been dis-

posed of at par up to the present time. Denom. $1,000. Date Oct. 151909. Int. J. & J. Due Jan. 11935.

ST. CLOUD, Stearns County, Minn.-BONDS DEFEATED.-The,proposition to issue $4,000 sower bonds was defeated at the election held

March I:.

pi ST. FRANCIS LEVEE DISTRICT, Ark.-BOND OFFERING.-Pro-posals will be received until June 15, reports state, by 0. N. Killough, Pres.

Levee Board (P. 0. Memphis, Tenn.), for $1,500,000 5% 50-Yr. leveebonds.SANGER UNION HIGH SCHOOL DISTRICT, Fresno County,

Cal.-BOND OFFERING.-Proposals will be received until 2 p. m. April 101by the Clerk Bd. of Co. Sup. (P. 0. Fresno) for the $50,000 5% gold coup.bldg. bonds voted Jan .18 (V. 96, p.377). Denom. $1,000. Date Mar. 221913. Int. ann. in March at Co. Treasury, Fresno. Cert. check for 10%of bonds bid for, payable to Chairman Bd. of Sup., required.

SANTA CRUZ COUNTY (P.O. Santa Cruz), Cal.-NO ACTION YETTAKEN.-The County Clerk advises us that no action has yet been takenlooking toward the issuance of the road bonds (V. 96, p. 377)•

SANTA ROSA COUNTY (P.O. Milton), Fla.-BONDS DEFEATEDThe question of issuing bridge constr. bonds was defeated on Mar. 25,reports state.SCOTLAND NECK GRADED SCHOOL DISTRICT (P. 0. Scotland

Neck), Halifax County, No. Car.-BONDS VOTED.-The question ofissuing the $16,000 school bonds (V. 96, P. 967) carried at the election heldApril 1 by a vote of 173 to 2.SCOTT COUNTY (P. 0. Benton), Mo.-BONDS VOTED.-Accord-

ing to early returns, the question of issuing $125,000 court-house completionbonds carried at the election held Mar. 25.

SEATTLE, Wash.-BOND SALE.-Local papers state that the $300,00020-yr. gold coupon city-elec.-railway bonds offered without success onMarch 15 (V. 96, P. 967) have been purchased by the State of Washingtonat par for 4%s; interest from May 1 1913. •SEVEN PALMS SCHOOL DISTRICT, Riverside County, Cal.-

BOND SALE.-On Mar. 19 $2.500 6% building bonds were awarded to theFirst Nat. Bank of Barnesville, Ohio, at 100.56. Denom. $500. DateFeb. 19 1913. Due $500 yearly from Feb. 1 1918 to 1922, inclusive.

SEWICKLEY SCHOOL DISTRICT (P. 0. Sewickley) AlleghenyCounty, Pa.-BOND SALE.-On Mar. 28 the $50,000 4j% 20-yearserial tax-free school bonds (V. 96, p. 967) were awarded to the WesternReserve Investment Co. of Cleveland for $50,641 44-making the price101.288. Other bids follow:Ussing,Scoville&Co.,Pitts.$50,600 601J. S. & W. S. Kuhn, Inc.Safe Deposit Co.,

Pitts-_ _ 50,491 001 Pittsburgh $50,250 00

Denom. $500. Date May 1 1913. Int. M. & N.

SHAKER HEIGHTS, Cuyahoga County, Ohio.-BOND SALE.-

On March 17 the three issues of 5% coup. bonds, aggregating $288,386

(V. 96, p. 585), were awarded to Hayden, Miller & Co., of Cleveland at

par and int.SHERIDAN, Sheridan County, Wyo.-BOND OFFERING.-Prop

os-

als will be received until 10 a. m. April 7 by J. J. Withrow, City Clerk, for

$95,000 6% Paving District No. 2 assessment bonds. Donom. $500.

Date June 11913. Int. annual. Due $9,500 on Aug. 1 from 1915 to 1924,

incl. Cert. check or draft on a N. Y. bank other than the one making thebid, for $1,500, payable to City Treasurer, required. These bonds wereoffered on Mar. 17 (V.96, p. 667) but tho bids received on that day wererejected.NO ACTION YET TAKEN.-We aro advised by the City Clerk that

no action has yet been taken looking toward the issuance of cemeterybonds (V. 96, p. 82).SIDNEY, Shelby County, Ohio.-BOND OFFERINO.-Proposals

will be received until 12 in. April 21 by J. L. Van Riper, City Auditor. for

$79,900 5% coupon street-impt. (a.ssessmont) bonds. Auth. Sec. 3914,

Gen. Code. Denom. (156) $500, (4) $400 and (6) $300. Date April 1

1913. Int. A. & 0. Due as follows:$4,500 Apr. 1 '14 $4,500 Apr. 1 '17 $6,500 Apr. 1 20 $2,500 Oct. 1 '22

3,000 Oct. 1 '14 2,000 Oct. 1 '17 2,000 Oct. 1 '20 3,000 Apr. 1 '23

3,000 Apr. 1 '15 5,000 Apr. 1 '18 3,000 Apr. 1 '21 3,500 Oct. 1 '23

4,000 Oct. 1 '15 3,500 Oct. 1 '18 3,500 Oct. 1 '21 1,600 Oct. 1 '23

3,000 Apr. 1 '16 3,000 Apr. 1 '19 6,500 Apr. 1 '22 1,800 Oct. 1 '23

6,000 Oct. 1 '16 4,500 Oct. 1 '19Certified check on a Sidney bank for 5% of bonds bid for, pa

yable to

"City of Sidney," required. Bonds to be delivered and paid for within 10

days from time of award. Purchaser to pay accrued interest.

SLATON INDEPENDENT SCHOOL DISTRICT (P. 0. Slaton)

Lubbock County, Tex.-BOND SALE.-We are advised that this district

has disposed of $15,000 building bonds.

SMITHVILLE, Wayne County, Ohio.-BOND OFFERING.-This

place will offer for sale on May 26, $9,500 55,6% street bonds.

SOLON TOWNSHIP (P. 0. Solon), Cuyahoga County, Ohio.-

BOND OFFERING.-Proposals will be received until 1 p. m. May 5 by

J. II. Brown, Twp. Clerk, for $10,000 4 % coupon highway-impt. bonds.

Auth. Sec. 3295, Gen. Code, Denom. $1,000. Date April 1 1913. Int.

A. & 0. at Superior Say. & Trust Co.' Cleveland. Duo $1,000 yearly on

Oct. 1 from 1914 to 1923, incl. Cert. check on a bank other than the one

making the bid, for 10% of bonds bid for, 'payable to Twp. Clerk. required.

Bonds to be delivered and paid for within 10 days from time of award.

Purchaser to pay accrued interest. A similar issue of bonds was offered

on Mar. 18 (V. 96, p. 585).SOUTH PORTLAND, Cumberland County, Me.-LOAN OFF

ER-

ING.-According to newspaper reports, proposals will be received until

11 a. m. April 8 by the Town Treasurer for a temporary loan of $60,000 in

anticipation of taxes. Date April 16 1913. Duo $20,0,00 on Nov. 1 and

Dec. 1 1913 and $20,000 on Jan. 1 1914.

SPOKANE, Wash.-BOND SALES.-The following 6% special im-

provement bonds have been issued by this city:

Ten Issues, Aggregating $51,973, Disposed of in January.

Amount. Purpose. Date. Due.

$9,287 Sixth Avenue paving, 962 Jan 2 1913 Jan. 2 1923

3,021 Stevens Street grading2,139 Garfield Street grade301 Sherman Street walk

3,885 Alley sewer15,218 Alley sewer1,280 Arthur Street sewer 4,142 Spokane Street sewer 3,470 Alley sewer 9,230 Maxwell Avenue sewer

Jan 2 1913 Jan. 2 1923 Jan. 2 1913 Jan. 2 1918 Jan. 2 1913 Jan. 2 1914 Jan. 2 1913 Jan. 2 1923

Jan. 2 1913 Jan. 2 1923Jan. 2 1913 Jan. 2 1923Jan. 2 1913 Jan. 2 1923Jan. 15 1913 Jan. 15 1918Jan. 15 1913 Jan. 15 1923

Ten Issues, Aggregating $51,798, Disposed of in February.

Amount. Purpose.$468 Alley paving 2,992 Main Avenue paving

e. Due.Feb. 1 1913 Feb. 1 1918Fob. 1 1913 Feb. 1 1918

23,982 Sumner Aventio paving Feb. 1 1913 Feb. 1 1923

1,869 Thirty-third Avenue grading Feb. 1 1913 Feb. 1 1918

1,783 Manito Boulevard walk Feb. 1 1913 Feb. 1 1918

6,424 Ninth Avenue walk Feb. 1 1913 Feb. 1 1923

3,548 Alley sewer Feb. 1 1913 Feb. 1 1923

1,000 Art Avenue sewer Feb. 1 1913 Feb. 1 1923

4,328 Alley sewer Feb. 1 1913 Feb. 1 1923

5,404 Alloy sewer Feb 1 1913 Feb. 1 1923

All the above bonds are subject to call at any int.-bearing date.

STONE COUNTY (P. 0. Galena), Mo.-BONDS DEFEATED.-The

proposition to issue $25.0005% court-house constr. bonds was defeated at

the election held Mar. 29 by a vote of 710 "for" to 821 "against. '

STRATHMORE SCHOOL DISTRICT, Tulare County, Cal.-BOND

OFFERING.-Proposals will be received until 10 a. April 8, it is stated,

by A. M. Coburn, County Clerk (1'. 0. Visalia), for *17,0006% 5-21-year

(serial) school bonds. Int. semi-annual. Cert. check for 10% required.

STEUBENVILLE, Jefferson County, Ohio.-BOND OFFERING._..

Proposals will be received until 12 in. April 14 by H. W. Patterson, City

Auditor, for the $200,000 0,5% water-works bonds authorized Jan. 7

(V. 96, p. 377). Auth. Sec. 3939, (len. Code. Denoin. $1,000. Date

April 1 1913. Int. semi-annual. Duo $10,000 yearly on Sept. 1 from 1916to 1935, inclusive. • Cert. check for 3% of b

onds bid for, payable to City

Treasurer, required. Bonds to be delivered and paid for within 10 daysfrom time of award. Purchaser to pay accrued interest.

SUFFOLK COUNTY (P. 0. Riverhead), N. Y.-BOND SALE.-

On March 31 tho $55,000 4 % reg. highway-impt. (County's portion)

bonds (V. 96, p . 814) were awarded, it is stated, to Curtis & Sanger of Now

York at 101.33. Other bids were:I. W. Sherrill, Poughkeepsie_101.07 'Harris, Forbes & Co., N.Y_

_100.189

Yonkers Say. Bank, Yonkers.101.02 [Remick, Hodge & Co., N.Y.. 100.09

Adams & Co., N. Y 100.6061

SUISUN, Bolan() County, Cal.-DESCRIPTION OF BONDS.-The

$20,000 5% 1-40-year (serial) water bonds recently awarded to G. G.


APR. 51913 THE CHRONICLE '043Blymyer & Co. of San Francisco at par and a nominal premium (V. 96,p. 893) are in the denom. of $500 each and dated Mar. 1 1013. Int.M.& S.TAFT, Kern County, Cal.-BOND SALE.-On Mar. 4 the $25,000

sewer and $16,000 fire 6% 104-year (avge.) bonds offered without successon Jan. 6 (V. 96, p. 304) were awarded to G. G. Blymyer & Co. of SanFrancisco for $41,001-making the price 100.002. Denom. (sewer) $1,000and $500 (fire) $250, $200 and $100. Date Dec. 15 1912. Int. J. & D.The sale of the $25,000 bonds was previously noted in the "Chronicle" ofMar. 15. See V. 96, p. 815:TAYLOR COUNTY (P. 0. Abilene), Tex.-BONDS VOTED.-

According to reports the question of issuingthe $150, 00 court-house-constrbonds (V. 96, p. 668) carried at the election held March 29 by a vote of1,291 to 771.TAYLOR COUNTY (P. 0. Medford), Wis.-BOND SALE.-The Co.

Clerk advises us that on Feb. 15 the $60,000 434 % court-house bonds(V. 96, p. 507) were awarded to the State Bank of Medford.TEHAMA COUNTY (P. 0. Red Bluff), Cal.-BOND ELECTION.-

The question of whether this county shall issue $250,000 court-house andjail-constr. bonds (V. 96, P. 893) will be submitted to a vote on May 6(date changed from April 21), it is stated.TOWN DISTRICT SCHOOL DISTRICT (P. 0. Beckley), RaleighCounty, W. Va.-BONDS REFUSED.-We are advised that the $50,000

5% 10-30-year (opt.) high-school-building bonds awarded on Feb. 5 toSeasongood & Mayer of Cincinnati (V. 96, p. 435) have been declined bythe purchasers.TOWNSEND TOWNSHIP SCHOOL DISTRICT (P. 0. East Towns-

end), Huron County, Ohio.-BOND SALE.-On Mar. 26 the $3,000.5% 4 yi -year (avge.) school property bonds (V. 96, p. 815) were awardedto M. S. Pond of Somerset at 101.80 and int. A bid of par wasyeceivedfrom Spitzer, Rorick & Co. of Toledo.VISALIA, Tulare County, Cal.-BOND ELECTION PROPOSED.-The question of issuing $25,000 sewer bonds will be submitted to a vote in

the near future, according to reports.WALTON, Delaware County, N. Y.-NO ACTION YET TAKEN.-

We are advised by the Vil.Cierk, under date of April 1, that no action hasyet been taken looking towards the issunace of the $30,000 village-hallbonds voted Jan. 28 (V. 96, p.379.)WANETTE, Pottawatomie County, Okla.-BONDS DEFEATED.-

The question of issuing $8,000 light bonds was defeated at an election heldMar. 4.WATERTOWN SCHOOL DISTRICT (P. 0. Watertown), Rock

Island County, Ill.-BOND ELECTION.-According to newspaper re-ports, an election will be held to-day (Apr. 5) to vote on the issuance of$7,500 school-constr. bonds.WHARTON COUNTY DRAINAGE DISTRICT NO. 2, Tex.-DES-CRIPTION OF BONDS.-The $50,000 54% drainage system bonds recentlypurchased by the Commonwealth Trust Co. of Houston (V. 96. p. 968), areIn the denom. of $1,000 and bear date of Dec. 10 1912. Int. A & 0. Dueon Dec. 110 as follows: 51;1,000 yrly from 1914 to 1917, incl., $2,000 yrly.from 1918 to 1923, incl.; $3,000 yrly. from 1924 to 1929, incl., and $4,000yrly. from 1930 to 1933, incl.WHITE, Brookings County, So. Dak.-BOND ELECTION.-Thequestion of issuing $13,000 water-works-installation and $5,000 municipalelectric-light-system bonds will be submitted to a vote on April 15, reportState.

WILLSBURG SCHOOL DISTRICT (P. 0. Milwaukee), ClackamasCounty, Ore.-BOND ELECTION PROPOSED.-Reports state that anelection will be held shortly to submit to a vote the proposition to issue$10.000 20-yr. school-construction bonds.WINNEBAGO COUNTY (P. 0. Oshkosh), Wis.-BONDS VOTED.

It is reported that this county has recently voted $30,000 tuberculosissanitarium bonds.WISNER, Cuming County, Neb.-BONDS VOTED.-Reports statethat this place recently voted to issue electric light bonds.XENIA, Greene County, Ohio.-BONDS AUTHORIZED.-An or-dinance .was passed Mar. 19 providing for the issuance of $12,000 5%coupon fire-department site-purchase, equipment and construction bonds.Denom. $500. Date June 1 1913. Int. J. & J. Due June 1 1933.YOUNGSTOWN SCHOOL DISTRICT (P.O. Youngstown), Mahon-ing County, Ohio.-BONDS NOT SOLD.-No bids were received onMar. 27 for the $100,000 434% 1034-year (avge.) coupon bonds offered onthat day (V. 96, p. 816).

Canada, its Provinces and Municipalities.BLAIRMORE, Alta.-DEBENTURE OFFERING.-This town isoffering for sale at 90 $15,000 6% water-works-exten. debentures (V. 95.p. 1228). Due in 20 ann. installments of principal and interest. C. E. F.Hiscocks is Secretary-Treasurer.CALGARY, Alta.-DEBENTURE ELECTION.-Reports state that anelection will be held shortly to vote on a by-law to raise $12,000 publicitydebentures.CARIEVALE, Sask.-DEBENTURE OFFERING.-This villa-0;7M1offer for sale, reports state, $3,500 permanent-impt. debentures. A. T.Taylor is Secretary-Treasurer.CANNINGTON, Ont.-DEBENTURE ELECTION.-Reports statethat an election will be held April 15 to vote on a by-law providing for theissuance of $12,000 hydro-electric-power-plant debentures.CLINTON, Ont.-DEBENTURE OFFERING.-Proposals will be re-ceived until 6 p.m. April 11 by D. L. Macpherson, Treas., for the $25,13005% 25-year hydro-electric-light-plant debentures. Date Apr. 1 1913.ESQUIMALT, B. C.-DEBENTURE ELECTION PROPOSED.-Anelection will be held in the near future, reports state, to vote on a by-lawproviding for the issuance of $15,000 municipal-hall-constr. debentures.ESSEX COUNTY (P. 0. Sandwich), Ont.-DEBENTURE BY-LAWDEFEATED.-We are advised by the County Clerk that the by-lawproviding for the issuance of the $45,000 road debentures (V. 96, p. 509)was defeated by the County Council. We are further advised that anissue of $200,000 will probably be issued in June.ESTAHAZY, Sask.-ELECTION PROPOSED.-Reports state it hasbeen decided to submit to a vote a by-law whereby $6,000 may be raisedfor school purposes.

FENWOOD, Sask.-DEBENTURE OFFERING.-This village has beenauthorized to borrow $1,800 for permanent-impt., according to reports.G. K. Chatterton is Secretary-Treasurer.GRANDVIEW, Man.-DEBENTURE OFFERING.-Proposals will bereceived until 12 m. April 15 by Wm. Dickie, Secretary-Treasurer, for $16,-350 5% 20-yr. debentures. Int. ann. on Feb. 1.

REDEMPTION CALL-- - To the holders of

Territory of ArizonaFUNDING BONDS

Issue of July 15, 1892

NOTICE is hereby given that byauthority of an Act of the Legislatureof the State of Arizona and pursuant toresolution of the Board of Loan Com-missioners of said State, the State ofArizona will, on the 15th Day of April,1913, at the office of the Guaranty TrustCompany of Now York (formerly knownas the New York Guaranty & IndemnityCo.) No. 30 Nassau Street, City ofNew York, N. Y. (the place of paymentdesignated in the bonds), pay and re-deem Territorial Funding Bonds Nos. 1to 2,000, inclusive, dated July 15, 1892,which bonds were issued by the LoanCommissioners of the Territory ofArizona pursuant to Act of Congressapproved Juno 25, 1890, entitled "AnAct approving, with amendments, theFunding Act of Arizona, and Acts ofCongress and of the Territory of Arizonaamendatory thereof and supplementalthereto. The said payment and re-demption will be made by virtue of theprovision of the said Act of Congressof June 25, 1890, that "Said Territoryreserves the right to redeem at par anyof said bonds in their numerical orderat any time after twenty years from thedate thereof," which right of redemptionis also expressly reserved by the termsof said bonds. Upon presentation of thesaid bonds, with all unpaid couponsattached, payment will be made at thesaid place of the principal of said bondsand of all accrued interest thereon tothe said 15th day of April, 1913. In-terest upon said bonds will cease fromand after the said 15th day of April,1913.Phoenix, Arizona, March 11, 1913.By order ofThe Loan Commissioners of theThe State of Arizona,D. F. JOHNSON,

State Treasurer.

NEW LOANS.

$2,100,000

CITY OF TACOMA, WASHINGTON,REFUNDING BONDS

Notice is hereby given that on SATURDAY.THE 19TH DAY OF APRIL, 1913. at the hourof eleven o'clock in the forenoon, at the office ofthe City Treasurer of the City of Tacoma, Wash-ington, sealed bids will be received by the cor-porate authorities of said City for the following-described issues of municipal bonds, viz.:

1. $100,000 of Bridge Refunding Bonds of1913, authorized by Ordinance No. 5251, passedMarch 6, 1913; principal payable as follows:Nos. 1 to 10 inclusive, June 1, 1914;Nos. 11 to 30 inclusive, June 11915;Nos. 31 to 60 inclusive, June 1, 1916;Nos. 61 to 100 inclusive, June 1, 1917.2. $250.000 of Light Refunding Bonds of 1913,

authorized by Ordinance No. 5252, Passed March6, 1913, principal payable as fellows:50 Bonds, Nos. 1 to 50 inclusive, June 1, 1918;50 Bonds, Nos. 51 to 100 inclusive, June 1, 1919;70 Bonds,,Nos. 101 to 170 inclusive, June 1, 1920;80 Bonds, Nos. 171 to 250 inclusive, June 1,

1921.3. $1,750,000 of Water Refunding Bonds of

1913, authorized by Ordinance No. 5253. passedMarch 6, 1913, principal payable as follows:100 Bonds, Nos. 1 to 100 inclusive, June 1, 1922:100 Bonds, Nos. 101 to 200 inclusive, June 1

1923:110 Bonds, Nos. 201 to 310 inclusive. June 1,1924;120 Bonds, Nos. 311 to 430 inclusive, June 1,

1925:130 Bonds, Nos. 431 to 560 inclusive, June 1,

1926;140 Bonds, Nos. 561 to 700 inclusive, June 1,




1930;19301.18 Bonds, Nos. 1181 to 1360 inclusive, June 1,

1932;190 Bonds, Nos. 1361 to 1550 inclusive, June 1.1933200 Bonds, Nos. 1551 to 1750 inclusive, June 1,

Said bonds will be general bonds of sal d Cityof the par value of $1,000 each, and will bear inter-est at not exceeding five per cent per annum, pay-able semi-annually, at the fiscal agency of theState of Washington in New York City.

Said Bridge Bonds and said Water RefundingBonds are guaranteed as New York SavingsBank Securities.The opinion of Messrs. Dillon, Thompson &

Clay, Attorneys at Law, of 195 Broadway, NewYork, certifying the legality of all of said bonds,and the sufficiency of said Bridge and WaterRefunding Bonds as New York Savings BankSecurities will be furnished to bidders and pur-chasers.Bids for said bonds will be received based on

the interest rate proposed by the bidder, whichcannot exceed five per cent.

Bids will be received for one or more of saidIssues.Each bid, except a bid of the State of Washing-

ton, must be accompanied by the check of thebidder, certified by some bank other than itself,for a sum equal to five per cent of the bid, butnot exceeding $10,000 with any one bid. Thecheck of the purchaser will be retained until thebonds covered by it have been taken up.The successful bidder will be required to take

and pay for the bonds purchased by him on orbefore June 1st, 1913. by depositing the par valueof the bonds with the fiscal agent of the State ofWashington, in the City of New York, to thecredit of the City of Tacoma, for the redemptionof bonds to be refunded, and by paying any excessof bid to the City Treasurer; Provided, that anyother convenient method of payment may be ar-ranged for between the City and the bidder.The

bids. City reserves the right to reject any or hl

Dated Tacoma. Wash., March 12, 1913.SINKING FUND BOARD OF TACOMA,

W. W. SEYMOUR,Mayor.

J. F. MEADS,City Controller,

RAY FREELAND,Commissioner of Finance.

March 15 to April 19 inclusive.

ESTABLISHED 1885.

H. C. SPEER & SONS CO.First Nat. Bank Bldg., Chicago

SCHOOL,COUNTY AND MUNICIPAL BONDS

STACY & BRAUN

Investment Bonds

MUNICIPAL AND RAILROADiaBONDS

LIST ON APPLICATION

SEASONGOOD & MAYERIngalls BuildingCINCINNATI

GEO. B. EDWARDSTribune Building, NEW YORK, N. Y.

FOR SALE-Timber, Coal, Iron, Ranch andother properties.

Negotiations,‘ Investigations, SettlementsPurchases of Property. Information.

Toledo Cincinnati



GUELPH, Ont.-DEBENTURE ELECTION.-On April 28, reportsstate, an election will be held to vote on a by-law to raise $30,000 hospital-aid debentures.

HERBERT, Sask.-DEBENTURE OFFERING.-Proposals will be re-ceived until April 15 by J. E. Unruth, Sec.-Treas., for $7,850 fire-hall andapparatus and $1,150 local-impt. 6% debentures (V. 95, p• 1229). Due in15 annual installments.LACOMBE, Alta.-DEBENTURE OFFERING.-Proposals will be

received until 8 p. m. May 1 by E. J. Tett, Sec.-Treas., for the followingdebentures:

ea $6,500 5% skating and curling rink debentures. Int. from Sept. 171912. Due in 15 ann. installments of prin. and int.

7.135 50 6% local-impt. (assess.) debentures. Due in 20 ann. install-ments of prin. and int. Int. from Jan. 1 1913.

LIBERTY, Sask.-DEBENTURE OFFER/NO.-This village has beenauthorized to borrow $4,400 for permanent-impts, reports state. A. J.Smith is Secretary-Treasurer.MANITOBA.-NEW LOAN.-A cable from London dated April 3

states that the Union Bank of Canada has placed in that city £400,000434% Government of Manitoba registered stock at 102. The issue, itis said, was quickly over-subscribed.MEDICINE HAT, Alta.-DEBENTURES AUTHORIZED.-Accord-

ing to newspaper reports, the City Council has passed on third reading aby-law providing for the issuance of $56,000 street-grading debentures.MEIGHEN SCHOOL DISTRICT NO. 1906 (P. 0. Viking), Alta.-

DEBENTURES NOT SOLD.-No award has been made of an issue of$12,000 6% debentures recently authorized.NATIONAL PARK PUBLIC SCHOOL DISTRICT NO. 102 (P. 0.

Banff), Alta.-BOND OFFERING.-This district is offering for sale$30,000 6% school-construction and equipment debentures. Denom.$1,000. Date April 1 1913. Due in 20 annual installments of prin. andint. on Sept. 30 from 1914 to 1933, incl., at the Imperial Bank, Banff.These bonds were offered without success on Mar. 25 as 5s (V. 96, P. 436) •OAKDALE (Rural Municipality), No. 320, Sask.-DEBENTURE

OFFERING.-This municipality will offer for sale, reports state, $3,500permanent-impt. debentures. H. E. Close is Secy.-Treas. (P. 0. Edna-burg).PINCHER CREEK, Alta.-DEBENTURES NOT SOLD.-No sale was

made on Mar. 24 of the two issues of debe tures, aggregating $45,000,offered on that day (V. 96, p. 744).PRAIRIEDALE SCHOOL DISTRICT NO. 2567 (P. 0. Dewar Lake),

Sask.-DEBENTURE SALE.-An issue of $200 8% debentures has beenawarded to the Western School Supply Co. of Regina at par.PRINCE ALBERT, Sask.-DEBENTURE ELECTION PROPOSED.-

Twelve by-laws, a gregating $708,640, will be submitted to a vote shortly,reports state.REGINA, Sask.-DEBENTURE ELECTION PROPOSED.-According

to reports, by-laws will be submitted to a vote shortly to raise $35,000 fire-hall-constr. and $50,000 water-works, sewer and electric-light-completiondebentures.DEBENTURE SALE.-Wood, Gundy & Co. of Toronto have purchased,

it is reported, $300,000 5% local-impt. debentures.ST. CATHERINES, Ont.-DEBENTURES DEFEATED.-The ques-

tion of issuing the $250,000 bridge-constr. debentures (V. 96, p. 818) wasdefeated, reports state, at the election held March 28.

ST. HYACINTHE,1Que.-BIDS REJECTED.-Reports state that thethree bids received on Mar. 13 for the $100,000_5%_40-year coupon refund-ing debentures (V. 96, p. 969) were rejected.

ST. PETERS (Rural Municipality), No. 369, Sask.-DEBENTUREOFFERING.-This munielpalityi has been granted authority, reportsstate, to borrow $15,000 for permanent-impts. M. T. Reynolds, is Secy.-Treas. (P. 0. Annahelm)...„SALMON 7ARM,OB. e sc.-DEBENTURES DEFEATED.-Th propo-

sition to issuel$10,000 debentures for current:expenditures was defeated,_itis stated, at alrecentolection. rSARNIA (Rural Municipality), No. 221, Sask.-DEBENTURE

OFFERING.-The Council Board has been authoriied to borrow $5,000 forimpts, it is stated. 0.113..White is Secy.-Treas. (P. 0. Holdfast.)

SAS ATOON,'Sask.-DEBENTURE ELECTION PROPOSED.-Wisreported that an election will be held in the near future to vote on the-proposition to issue $300,000 hospital debentures.SPY HILL (Rural Municipality) No. 152, (P. 0. Spy Hill), Sask.-

DEBENTURE OFFERING.-Proposals will be received until April 10 byJ. H. Watson, Secy.-Treas., for $10,000 534 % debentures. Due in 20 ann,installments of principal and interest.SWIFT CURRENT, Sask.-DEBENTURES VOTED.-AccordIng to.

newspaper reports the questions of issuing $40,000 property-purchase and$10,000 fire-hall-site-purchase debentures were favorably voted upon_at arecent electionTHOROLD, Ont.-DEBENTURE OFFERING.-Proposals will be.

received until Apr. 18 by D. J. C. Munro, Treas.

'

for the following 5%debentures offered without success on Feb. 28 (V. '96 p. 969):$15,000 00 couneoyrso2lidateds. debentures. Date Jan. 15 1913. ;; Int.)! ann.D

'0 4i Id9,527 37 local irnpt. debentures. Date Dec. 15 1912. Int.'

-annTRANSC. [Due

100NyArs;Man.-DEBENTURE SALE.-Reports state tharan

issue of $17,000 6% debentures has been awarded to the city of Winnipeg.

WADENA, Sask.-DEBENTURES NOT SOLD.-No sale has yet been,made of the two issues of 6% debentures aggregating $30,000, offered onFeb. 20 (V. 96, p. 436).WELLAND, Ont.-DEBENTURE SALE.-On Mar. 31 the three issues

of 5% coupon debentures, aggregating $149,598 63 (V. 96, P. 818) wereawarded to Spitzer, Rorick & Co. of Toledo, Ohio.WESTON, Ont.-DEBENTURE OFFERING.-Proposals will be re-

ceived until 12 m. April 12 by J. H. Taylor, Clerk, for the following deben-tures:$40,000 % coup. sewerage debentures. Due in 30 ann. Installments.10,000 5% water-works debentures. Due in 10 ann. installments.

WOODSTOCK, Ont.-DEBENTURE OFFERING.-Proposals will be-received until 12 m., Apr. 16 by John Morrison, City Clerk, for the follow-ing debentures:$30,000.00 6 collegiate purpose debentures. Dnr Dec. 31 1942.

7,800.00 5% school and college debentures. Due June 30 1942.7,000.00 434% consolidating debentures. Due Nov. 30 1942.1,629.79 5% waterworks debentures. Due Dec. 31 1942.Int. payable annually.WYMER SCHOOL DISTRICT NO. 1287 (P. 0. Grayson), Sask.-

DEBENTURE SALE.-The Flood Land Co., of Regina has been awardedat 97.50 $1,000 % 10-yr. bldg. debentures.

NEW LOANS.

$45,000

WILMINGTON, DELAWARE,SINKING FUND LOAN

Sealed bids will be received for all or any partthereof of $45,000 Sinking Fund Loan of Wilming-ton, Delaware, until 12 o'clock noon,

THURSDAY, APRIL 10TH 1913.These will be Registered Bonds and will date

from April 1st, 1913, and be issued in denomi-nations of $50 or multiples thereof, and bearinterest at the rate of 4 per cent per annum,payable semi-annually on October 1st and April 1steach year thereafter, and will mature as follows:

$42,850 on October 1st, A. D. 1935$2,150 on April 1st, A. D. 1936

These bonds are issued for the purpose of refund-ing bonds of the Water Department, $30,000maturing May 1st, 1913, and $15,000 maturingJune 1st, 1913, and issued under authority of anAct of Legislature, approved March 31st, 1903.

All proposals must be accompanied by a certi-fied check payable to the order of "The Mayorand Council of Wilmington," for two per centumof the amount of bonds bid for, same to be for-felted if the bidder fails to accept and pay forbonds awarded.The successful bidder or bidders will be required

to settle for the bonds awarded with accruedinterest from April 1st, 1913, at or before 12 o'clocknoon on Thursday, April 24th, 1913.The right is reserved to reject any and all bids.

Address all bids in sealed envelope to William S.Lednum, City Treasurer, Wilmington, Delaware,marked "Proposals for Sinking Fund Loan."

Charles M. Smith & Co.

CORPORATION ANDMUNICIPAL BONDS

FIRST NATIONAL BANK BLDG.CHICAGO

Bolger, Mosser & WillamanMUNICIPAL BONDS

Legal for Savings Banks,Postal Savings and Trust Funds.

SEND FOR LIST.

29 South La Salle St., CHICAGO

HODENPYL, HARDY & CO.

14 Wall St., New York

Railway, Street Ry., Gas & Elec. Light

SECURITIES

NEW LOANS

$350,000

Port of Seattle, Washington,GOLD 4M% BONDS

The undersigned will receive sealed bids until2 P. M. APRIL 17, 1913, at its office, 843 Cen-tral Building, Seattle, Washington, for the pur-chase of $350,000 of general bonds of the Port ofSeattle District proceeds to be used for harbordevelopment, viz.:Smith's Cove Improvement $200,000East Waterway Improvement 150,000

Total $350,000Full particulars furnished on application.

THE PORT COMMISSION OF THE PORTOF SEATTLE,By H. M. CHITTENDEN, President,

C. E. REMSBERG, Secretary.

F. WM. KRAFTLAWYER,

Specialiizng in Examination ofMunicipal and Corporation Bonds

1037-9 FIRST NATIONAL BANK SLIM.,

CHICAGO, ILL

BLODGET & CO.BONDS

60 STATE STREET, BOSTON

30 PINE STREET, NEW YORK

STATE, CITY & RAILROAD BONDS

Adrian H. Muller & Son,AUCTIONEERS

Regular Weekly SalesOF

STOCKS and BONDSEVERY WEDNESDAY

NEW LOANS..••••••••••/...0.

$300,000

CITY OF NASHVILLE,TENN.

4%% BONDS

Sealed bids will be received by the undersigneduntil 3 o'clock P. M., APRIL 28, 1913, for all orany of $200,000 Reservoir Emergency RepairBonds and $100,000 Electric Light ExtensionBonds of the City of Nashville, Tennessee. Bondsdated March 1, 1913, due March 1, 1933, withoutoption, interest 434%, payable March 1 andSeptember 1 in Nashville or New York, atholder's cption. Approving opinion of Caldwell,Masslich & Reed, New York, will be furnishedpurchaser without charge. Further information,including conditions affecting bidding, will befurnished on application to said attorneys or theundersigned.BOARD OF COMMISSIONERS OF NASH-VILLE, TENNESSEE.By WM. L. MURRAY, City Recorder.

Marck27.. 1913.

1850 1913

The United States LifeInsurance Co.

IN THE CITY or NEW YORIssues Guaranteed Contracts.

N, N. B., President.

Finance Committee.

CLARENCE H. KELSEY , Pros . Title Gu.&Tr.Ca.

WILLIAM H. PORTER. Banker.

ED.TOWNSEND. Pres. Trad. Nat Bank.

GoodImen, whether experienced in life insurance

or not, may make direct contracts with this Com-

Pliny, for a limited territory. if desired, and secure

ror themselves, in addition to first year's commis-

sion, a renewal interest insuring an income for the

future. Address the Company at its Home

Office, No. 277 Broadway, New York City.

ACCOUNTANTS.

PARK, POTTER & CO.CERTIFIED 1'U13LIC ACCOUNTANTS.

New York, Chicago, Cincinnati andLondon, England.

AUDITORS FO re FINANCIAL INSTITU-TIONS INDUSTRIAL ANDMINING COMPANIES.

Investigations. Financial Statements,Periodical Audits and Accounting

Office, No, 55 WILLIAM STREET,

Corner Pine Street.


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